Nigeria’s GDP grew 3.46 per cent in the third quarter of 2024 compared to the previous year’s period.
The National Bureau of Statistics‘ most recent GDP report, released on Monday, made this clear.
The growth is a small increase from 3.19 per cent in the previous quarter and an improvement above the 2.54 per cent registered in the same period of 2023.
The oil industry played a major role in the growth, as did the ongoing expansion of non-oil industries, especially services and agriculture.
The report stated, “Nigeria’s Gross Domestic Product grew by 3.46 per cent (year-on-year) in real terms in the third quarter of 2024.
“This growth rate is higher than the 2.54 per cent recorded in the third quarter of 2023 and also surpasses the second quarter of 2024, which saw a growth of 3.19 per cent.
“The performance of the GDP in the third quarter of 2024 was mainly driven by the Services sector, which recorded a growth of 5.19 per cent and contributed 53.58 per cent to the aggregate GDP.”
