Nigeria’s GDP in Q3 of 2024, grew by 3.46% (year-on-year) in real terms, compared to the previous quarter’s 3.19%.
The current GDP growth is also marginally higher than the GDP performance recorded during the same period last year.
This information was revealed by the country’s National Bureau of Statistics (NBS) in its National Gross Domestic Product Q3 2024 report. According to the report, the services sector generated 53.58% of the total GDP and saw growth of 5.19%. After growing by 1.30% in the third quarter of 2023, the agriculture sector rose by 1.14%.
The industry sector grew by 2.18%, better than the 0.46% increase recorded in the third quarter of 2023.
In comparison to the same quarter in 2023, the services sector made a larger contribution to the overall GDP in the third quarter of 2024.
“In the quarter under review, aggregate GDP at basic price stood at N71,131,091.07 million in nominal terms.
This performance is higher when compared to the third quarter of 2023 which recorded aggregate GDP of N60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%,” the report reads partly.
For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.
Oil sector
In the third quarter of 2024, the West African economic giants recorded an average daily oil production of 1.47 million barrels per day (mbpd), which was 0.02 mbpd higher than the daily average production of 1.45 mbpd recorded in the same quarter of 2023 and 0.07 mbpd higher than the second quarter of 2024 production volume of 1.41 mbpd.
“The real growth of the oil sector was 5.17% (year-on-year) in Q3 2024, indicating an increase of 6.02% points relative to the rate recorded in the corresponding quarter of 2023 (-0.85%). Growth decreased by 4.98% points when compared to Q2 2024 which was 10.15%,” the report reads.
“On a quarter-on-quarter basis, the oil sector recorded a growth rate of 7.39% in Q3 2024. The Oil sector contributed 5.57% to the total real GDP in Q3 2024, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.48% and 5.70% respectively,” it adds.
Non-oil sector
In real terms, Nigeria’s non-oil industry grew by 3.37% compared to the 3rd quarter of 2024. The NBS’s report notes that this rate was higher than the 2.80% recorded in the second quarter of 2024 and by 0.62% points higher than the rate of 2.75% recorded in the same quarter of 2023.
“In real terms, the non-oil sector contributed 94.43% to the nation’s GDP in the third quarter of 2024, lower than the share recorded in the third quarter of 2023 which was 94.52%, and higher than the second quarter of 2024 recorded as 94.30%,” the report states.
