On Monday, November 25, 2024, Adeyemi Adeniran, the Statistician General of the Federation, announced that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in the third quarter (Q3) of 2024, compared to the same period last year. This marks an increase of 0.92 percentage points from the 2.54% growth seen in Q3 2023.
Adeniran shared the news in a statement, highlighting that the Q3 2024 growth rate was also higher than the 3.19% recorded in the previous quarter (Q2 2024). “This reflects a higher growth rate when compared to the corresponding quarter (Q3 2023) and the preceding quarter (Q2 2024),” he said.
The main driver behind this economic growth was the Services sector, which grew by an impressive 5.19% and contributed 53.58% to Nigeria’s overall GDP. The total economic activity for Q3 2024 stood at N20.1 trillion, surpassing both Q2 2024’s N18.2 trillion and Q3 2023’s N19.4 trillion.
In nominal terms, Nigeria’s GDP in Q3 2024 reached N71.1 trillion, marking a 17.26% increase compared to the N60 trillion recorded in Q3 2023. This was also a rise from the N60.9 trillion reported in Q2 2024.
Adeniran pointed out the key sectors contributing to this growth, including crop production (26.51%), trade (14.78%), telecommunications (13.94%), crude petroleum (5.57%), and real estate (5.43%). He noted that while agriculture grew by 1.14% and industry by 2.18%, the services sector saw the most significant growth at 5.19%, up from 3.99% in Q3 2023.
The statistician general emphasized that the growth in the non-oil sector was largely due to the improvements in sectors like crop production, trade, telecommunications, and real estate. This positive economic performance demonstrates the resilience and expansion of Nigeria’s economy in the third quarter of 2024.
