Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms during the third quarter of 2024, according to the National Bureau of Statistics (NBS).
This marks an increase from the 2.54% growth recorded in the same period last year and the 3.19% growth observed in the second quarter of 2024.
Sectoral Performance
- Services Sector: The services sector was the main driver of this growth, expanding by 5.19% and contributing 53.58% to the total GDP. This sector includes activities in financial services, telecommunications, and trade.
- Non-Oil Sector: The non-oil sector grew by 3.37% in real terms, contributing 94.43% to Nigeria’s GDP. This sector includes agriculture, construction, and road transport.
- Oil Sector: The oil sector experienced a real growth of 5.17%, contributing 5.57% to the total GDP. Nigeria’s average daily oil production increased to 1.47 million barrels per day (mbpd) in Q3 2024, up from 1.45 mbpd in Q3 2023.
Economic Indicators
- The aggregate GDP at basic prices stood at N71.13 trillion in nominal terms in Q3 2024, reflecting a 17.26% year-on-year nominal growth from the N60.66 trillion recorded in Q3 2023.
- The Agriculture sector recorded a modest growth of 1.14%, slightly below the 1.30% growth reported in Q3 2023.
- The Industry sector posted a growth rate of 2.18%, showing significant improvement from the 0.46% recorded in Q3 2023.
The federal government announced plans to rebase the country’s Consumer Price Index (CPI) and GDP by 2025 to enhance policy accuracy and boost investor confidence. This rebasing effort will provide a clearer and more reliable depiction of the economy.
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