Nigeria’s Gross Domestic Product grew by 3.46% (year-on-year) in real terms in the third quarter of 2024, the National Bureau of Statistics has said.
This growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19%, according to the NBS Gross Domestic Product Report for Q3, 2024.
The report said the performance of the GDP in the third quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 5.19% and
contributed 53.58% to the aggregate GDP, the report added.
“The agriculture sector grew by 1.14%, from the growth of 1.30% recorded in the third quarter of 2023,” it said, adding that the growth of the industry sector was 2.18%, an improvement from 0.46% recorded in the third quarter of 2023.
Furthermore, the report noted that in terms of share of the GDP, the
services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the
corresponding quarter of 2023.
“In the quarter under review, aggregate GDP at basic price stood at N71,131,091.07 million in nominal
terms. This performance is higher when compared to the third quarter of 2023 which recorded
aggregate GDP of N60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%.”
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