Nigeria’s Gross Domestic Product (GDP) growth rate in real terms rose to 3.46% in the third quarter (Q3) of 2024, reflecting an increase of 0.92 percentage points from the 2.54% recorded in Q3 2023.
This was disclosed by Adeyemi Adeniran, Statistician General of the Federation, in a statement on Monday.
The Q3 2024 growth is also 0.27 percentage points higher than the 3.19% recorded in the second quarter (Q2) of 2024.
Adeniran described the performance as indicative of stronger economic activity compared to both the corresponding quarter in 2023 and the preceding quarter of 2024.
The Services sector led the economic performance, growing by 5.19% and contributing 53.58% to the aggregate GDP.
Economic activity in real terms for Q3 2024 stood at ₦20.1 trillion, surpassing the ₦18.2 trillion recorded in Q2 2024 and the ₦19.4 trillion from Q3 2023.
In nominal terms (current prices), Nigeria’s aggregate GDP stood at ₦71.1 trillion, marking a 17.26% year-on-year growth compared to ₦60.6 trillion in Q3 2023. The Q3 2024 nominal figure also outpaced the ₦60.9 trillion recorded in Q2 2024.
Major contributors to the GDP in real terms include:
- Crop Production: 26.51%
- Trade: 14.78%
- Telecommunication: 13.94%
- Crude Petroleum: 5.57%
- Real Estate: 5.43%
In terms of sectoral growth, the Agriculture sector recorded a growth rate of 1.14%, down from 1.30% in Q3 2023.
The Industry sector grew by 2.18%, showing significant improvement from 0.46% in Q3 2023. The Services sector grew by 5.19%, outperforming the 3.99% recorded in Q3 2023.
Adeniran attributed the strong non-oil sector performance to growth in activities such as crop production, trade, telecommunication, and real estate.
