The Nigerian economy has experienced an appreciable 0.27 percent expansion, hitting 3.46% in Q3 instead of 3.19% it averaged in Q2 of 2024.
Latest data released by the National Bureau of Statistics (NBS) on reveals a consistent upward trend in the economy, surpassing the growth rate of 2.54% seen in Q3 2023.
Additionally, the current quarter also outperformed Q2, 2024, which had seen a growth of 3.19%.
In real terms, the GDP stood at N20.1 trillion, reflecting an increase from N18.2 trillion in Q2 2024 and N19.4 trillion in Q3 2023.
The services sector played a crucial role in this performance, driving growth with a 5.19% increase and contributing 53.58% of the total GDP.
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The data further revealed that the nominal GDP for Q3 2024 reached N71.1 trillion, marking a 17.26% increase from N60.6 trillion in the same quarter of the previous year.
This surge signifies a robust recovery and positive economic momentum.
Among the key sectors driving the economy, crop production contributed 26.51%, trade accounted for 14.78%, and telecommunications made up 13.94%.
The oil sector also showed improvement, recording a 5.17% growth compared to a negative growth rate of -0.85% in Q3 2023, although it was slightly lower than the 10.15% increase seen in Q2 2024.
Nigeria’s oil output for Q3 2024 stood at an average of 1.47 million barrels per day (mbpd), marking a slight increase from 1.45 mbpd in the same quarter of the previous year and surpassing the 1.41 mbpd recorded in Q2 2024.
Despite a strong performance in the oil sector, the non-oil economy remains the dominant driver of Nigeria’s GDP, contributing 94.43% in Q3 2024.
The non-oil sector’s contribution has slightly decreased compared to 94.52% in Q3 2023, though it remains higher than the 94.30% seen in Q2 2024. Key areas like agriculture, trade, and services have fueled this growth.
