By Joke Kujenya
NIGERIA’s ECONOMY expanded by 3.46% in real terms in Q3 2024, exceeding the 2.54% recorded in Q3 2023 and 3.19% in Q2 2024.
The National Bureau of Statistics (NBS), in its latest report, attributed the growth to the robust performance of the Services sector.
Real GDP stood at ₦20.12 trillion in Q3 2024, up from ₦18.29 trillion in Q2 2024 and ₦19.44 trillion in Q3 2023. Nominal GDP for the period reached ₦71.13 trillion, reflecting a 17.26% year-on-year increase.
The Services sector led the economic growth with a 5.19% increase, contributing 53.58% to GDP. Agriculture accounted for 28.65%, while Industry contributed 17.77%.
Major contributors included Crop Production at 26.51%, Trade at 14.78%, Telecommunication at 13.94%, Crude Petroleum at 5.57%, and Real Estate at 5.43%.
The oil sector recorded a growth of 5.17%, contributing 5.57% to GDP, with daily crude production averaging 1.47 million barrels per day.
The non-oil sector remained dominant, contributing 94.43% to GDP, driven by Crop Production, Trade, Telecommunication, and Real Estate.
Agriculture saw modest growth at 1.14%, Industry expanded by 2.18%, and the Services sector grew by 5.19%, showing the largest improvement year-on-year.
