The National Bureau of Statistics (NBS) has reported a 3.46% year-on-year growth in Nigeria’s Gross Domestic Product (GDP) in real terms for the third quarter (Q3) of 2024. This figure marks a significant increase of 0.92 percentage points compared to the 2.54% recorded in Q3 2023 and a 0.27-point improvement from the 3.19% in the second quarter (Q2) of 2024.
The Statistician-General of the Federation, Prince Adeyemi Adeniran, disclosed the data in a statement issued on Monday, November 25.
Key Economic Performance Highlights
According to the NBS report, the total economic activity in real terms for Q3 2024 was valued at ₦20.1 trillion, higher than both the ₦19.4 trillion recorded in Q3 2023 and the ₦18.2 trillion from Q2 2024.
Nominal GDP, measured at current prices, stood at ₦71.1 trillion, reflecting a 17.26% year-on-year growth compared to ₦60.6 trillion in Q3 2023. It also showed an increase over the ₦60.9 trillion reported for Q2 2024.
“The major driver of the economy in Q3 2024 is the Services sector, which recorded a growth of 5.19% and contributed 53.58% to the aggregate GDP,” the statement said.
Sectoral Contributions and Growth
A breakdown of the GDP contributions in real terms reveals the following:
- Agriculture: Contributed 28.65% to GDP in Q3 2024, down by 0.66 percentage points from its Q3 2023 contribution. The sector grew by 1.14%, slightly lower than the 1.30% growth recorded in Q3 2023.
- Industry: Accounted for 17.77% of GDP, showing an improvement with a 2.18% growth rate compared to 0.46% in Q3 2023.
- Services: The dominant sector, contributing 53.58% to GDP in Q3 2024, a 0.88 percentage point increase from its contribution in Q3 2023.
Within these sectors, crop production, trade, telecommunications, crude petroleum, and real estate were highlighted as significant growth drivers.
Oil and Non-Oil Sector Performance
The oil sector showed improved performance, recording a 5.17% growth in Q3 2024 compared to a contraction of -0.85% in Q3 2023. However, it was lower than the 10.15% growth recorded in Q2 2024.
The daily average oil production rose to 1.47 million barrels per day (mbpd) in Q3 2024, up from 1.45 mbpd in Q3 2023 and 1.41 mbpd in Q2 2024. The oil sector contributed 5.57% to the GDP in Q3 2024.
Meanwhile, the non-oil sector contributed 94.43% to the GDP in real terms during the quarter. This was slightly lower than its 94.52% share in Q3 2023 but higher than the 94.30% reported in Q2 2024. Growth in the non-oil sector was attributed to activities in crop production, trade, telecommunications, and real estate.
Economic Outlook
The report highlights Nigeria’s steady economic recovery, with improved performance across key sectors. The Services sector’s consistent dominance underscores its critical role in the economy, while growth in the oil sector signals a gradual rebound in production levels.
However, challenges persist in the agriculture and industry sectors, which saw lower contributions relative to the previous year. Policymakers and stakeholders will need to address these disparities to sustain overall economic momentum in the coming quarters.
