Nigeria’s GDP grew 3.46% year over year in the third quarter of 2024, which was better than the first two quarters.
According to the report, the tight monetary policy stance and the decline in the food component of the Consumer Price Index basket caused inflation to reduce during the quarter.
This rise was mostly driven by the services sector, which increased by 5.19% and accounted for 53.58% of the GDP.
During this time, oil production increased somewhat, averaging 1.47 million barrels per day, due to enhanced security around the pipeline infrastructure in the Niger Delta region.
Industrial growth accelerated to 2.18%, while agricultural growth slowed to 1.14%.
Even with this encouraging trend, the growth rate is still less than the 6% goal that President Bola Tinubu set. Without producing the expected economic boost, his administration’s reforms—such as the devaluation of the naira and the elimination of subsidies—have resulted in a severe crisis in the cost of living.
According to IMF projections, Nigeria’s economy is expected to expand by 2.9% in 2024 and 3.2% in 2025.
