Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms in the third quarter (Q3) of 2024 on a year-on-year basis, marking a 0.92 percentage point increase from the 2.54% recorded in Q3 2023
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November 25, 2024
Nigeria’s GDP expanded by 3.46% in Q3 2024 – NBS
Nigeria’s GDP expands by 3.46% in Q3 2024 – NBS
By Emmanuel Elebeke
Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms in the third quarter (Q3) of 2024 on a year-on-year basis, marking a 0.92 percentage point increase from the 2.54% recorded in Q3 2023.
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This also represents a 0.27 percentage point improvement compared to the 3.19% growth recorded in Q2 2024, highlighting stronger economic performance relative to both the previous quarter and the corresponding period of the prior year.
According to the National Bureau of Statistics (NBS), the Services sector was the primary driver of economic growth, expanding by 5.19% and contributing 53.58% to the aggregate GDP.
In real terms, economic activity for Q3 2024 was valued at ₦20,115.77 billion, surpassing the ₦18,285.02 billion recorded in Q2 2024 and the ₦19,442.28 billion recorded in Q3 2023. This growth reflects an increase in production levels during the quarter under review.
In nominal terms, aggregate GDP stood at ₦71,131.09 billion, indicating a year-on-year nominal growth rate of 17.26% compared to ₦60,658.60 billion in Q3 2023. The nominal GDP for Q3 2024 also exceeded the ₦60,930.00 billion recorded in Q2 2024.
Major contributors to the GDP in real terms during Q3 2024 were:
Crop Production: 26.51%
Trade: 14.78%
Telecommunication: 13.94%
Crude Petroleum: 5.57%
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Real Estate: 5.43%
When classified into broad economic sectors:
Agriculture: Grew by 1.14% in Q3 2024, lower than the 1.30% recorded in Q3 2023.
Industry: Recorded 2.18% growth, improving significantly from 0.46% in Q3 2023.
Services: Expanded by 5.19%, surpassing the 3.99% growth recorded in Q3 2023.
Sectoral contributions during Q3 2024 were as follows:
Agriculture: 28.65%
Industry: 17.77%
Services: 53.58%
While Agriculture and Industry saw slight declines in their contribution compared to Q3 2023, the Services sector recorded its highest contribution yet, with a 0.88 percentage point increase from the same quarter last year.
The oil GDP grew by 5.17% in Q3 2024, a notable recovery compared to the -0.85% contraction in Q3 2023, though it fell short of the 10.15% growth recorded in Q2 2024. The oil sector accounted for 5.57% of the total GDP.
Average daily oil production in Q3 2024 was 1.47 million barrels per day (mbpd), up from 1.45 mbpd in Q3 2023 and 1.41 mbpd in Q2 2024.
Contributing 94.43% to the GDP in real terms, the non-oil sector experienced a slight year-on-year decrease compared to 94.52% in Q3 2023 but outperformed the 94.30% recorded in Q2 2024. This performance was driven by growth in activities such as crop production, trade, telecommunications, and real estate.
The NBS report highlights the continued diversification of the Nigerian economy, with the non-oil sector maintaining a dominant role while the oil sector shows signs of recovery.
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