Nigeria’s annual Gross Domestic Product (GDP) experienced a growth of 3.46 percent in the third quarter (Q3) of 2024.
Gatekeepers News reports that this marks an increase from the 3.19 percent growth recorded in the second quarter (Q2) of the same year, highlighting a positive trend in the country’s economic performance.
The NBS published these findings in its latest GDP report released on Monday.
“Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the third quarter of 2024,” the NBS said. “This growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19%.”
“In the quarter under review, aggregate GDP at basic price stood at N71,131,091.07 million in nominal terms,” the report read.
“This performance is higher when compared to the third quarter of 2023 which recorded an aggregate GDP of N60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%.”
The NBS said the growth in the GDP was driven mainly by the services sector. It said the sector had a growth rate of 5.19 per cent and contributed 53.58 percent to the aggregate GDP.
“The agriculture sector grew by 1.14%, from the growth of 1.30% recorded in the third quarter of 2023,” the NBS said.
“The growth of the industry sector was 2.18%, an improvement from 0.46% recorded in the third quarter of 2023.
“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023.”
