Nigeria’s GDP Soars 3.46% in Q3 2024: Key Insights and What It Means for You

In the third quarter of 2024, Nigeria’s Gross Domestic Product (GDP) experienced a year-on-year growth of 3.46% in real terms, according to the latest data from the National Bureau of Statistics (NBS). This marks an improvement over the 2.54% growth recorded in Q3 2023 and the 3.19% growth in Q2 2024.

Key sectors driving this growth include services, which expanded by 5.19% and accounted for 53.58% of total GDP. The agriculture sector grew by 1.14%, slightly lower than the 1.30% growth in the same quarter of 2023. The industrial sector saw a notable increase of 2.18%, up from just 0.46% in Q3 2023.

In nominal terms, Nigeria’s GDP at basic price stood at N71.13 trillion in Q3 2024, reflecting a 17.26% increase from N60.66 trillion in Q3 2023.

The non-oil sector showed a growth rate of 3.37% in real terms, outperforming the 2.75% recorded in Q3 2023 and 2.80% in Q2 2024. This growth was primarily driven by financial services, telecommunications, agriculture, transportation, trade, and construction. The non-oil sector contributed 94.43% to the GDP, a slight decrease from 94.52% in Q3 2023 but an improvement over 94.30% in Q2 2024.

The oil sector grew by 5.17% year-on-year in Q3 2024, a significant rebound from a contraction of -0.85% in Q3 2023. However, it showed a decline of 4.98% compared to Q2 2024, which recorded a growth of 10.15%. On a quarter-on-quarter basis, the oil sector grew by 7.39% and contributed 5.57% to total GDP in Q3 2024, up from 5.48% in Q3 2023 but down from 5.70% in Q2 2024.

Nigeria’s average daily oil production in Q3 2024 was 1.47 million barrels per day (mbpd), slightly higher than the 1.45 mbpd recorded in Q3 2023 and 1.41 mbpd in Q2 2024.