Nigeria’s GDP (Gross Domestic Product) increased by 3.46% in real terms in the third quarter (Q3) of 2024, up 0.92 percentage point from 2.54% in Q3 2023. This also indicates a 0.27 percentage point increase over the 3.19% growth reported in Q2 2024, indicating higher economic performance relative to both the previous quarter and the same time of the preceding year.
According to the National Bureau of Statistics (NBS), the services sector was the key driver of economic growth, increasing by 5.19% and accounting for 53.58% of total GDP. In Q3 2024, economic activity was valued at ₦20,115.77 billion, up from ₦18,285.02 billion in Q2 2024 and ₦19,442.28 billion in Q3 2023. This growth represents an increase in output levels during the period under consideration.
In nominal terms, aggregate GDP reached ₦71,131.09 billion, representing a 17.26% increase from ₦60,658.60 billion in Q3 2023. In Q3 2024, nominal GDP surpassed the previous quarter’s figure of ₦60,930.00 billion. During the third quarter of 2024, the following were the major contributors to the real GDP: Crop production: 26.51 percent. Trade: 14.78%. Telecommunications: 13.94 percent Crude Petroleum: 5.57 percent Real Estate: 5.43%. When divided into large economic sectors: Agriculture grew by 1.14% in Q3 2024, less than the 1.30% recorded in Q3 2023. Industry: 2.18% growth, a considerable increase from 0.46% in Q3 2023. Services increased by 5.19%, outpacing the 3.99% rise seen in Q3 2023.
Sectoral contributions in Q3 2024 were as follows: Agriculture: 28.65 percent. Industry: 17.77%. Services: 53.58 percent. While Agriculture and Industry had minor dips in contribution compared to Q3 2023, the Services sector posted its biggest contribution yet, up 0.88 percentage point over the same quarter last year. The oil GDP increased by 5.17% in Q3 2024, a significant comeback from the -0.85% contraction in Q3 2023, but fell short of the 10.15% growth recorded in Q2 2024. The oil sector contributed 5.57% of total GDP. The average daily oil production in Q3 2024 was 1.47 million barrels per day (mbpd), up from 1.45 million in Q3 2023 and 1.41 million in Q2 2024.
The non-oil industry contributed 94.43% of GDP in real terms, a minor fall year on year from 94.52% in Q3 2023 but surpassed the 94.30% recorded in Q2 2024.
Crop production, trade, telecommunications, and real estate all saw expansion, contributing to this performance. The NBS study underlines the Nigerian economy’s continuous diversification, with the non-oil sector dominating while the oil industry shows indications of revival.
