The Statistician General of the Federation, Adeyemi Adeniran, has announced that Nigeria’s Gross Domestic Product (GDP) growth rate in real terms (constant prices) rose by 3.46% in the third quarter (Q3) of 2024 compared to the same period last year.
In a statement released on Monday, Adeniran noted that this growth represents an increase of 0.92 percentage points from the 2.54% recorded in Q3 2023. Additionally, it is 0.27 percentage points higher than the 3.19% growth seen in the second quarter (Q2) of 2024.
“This indicates a stronger growth rate when compared to both the same quarter last year (Q3 2023) and the previous quarter (Q2 2024),” he stated.
The Services sector emerged as the primary driver of the economy, achieving a growth rate of 5.19% and contributing 53.58% to the overall GDP. The economic activity in real terms for Q3 2024 reached N20.1 trillion, surpassing the N18.2 trillion recorded in Q2 2024 and the N19.4 trillion from Q3 2023.
In nominal terms (current prices), the aggregate GDP for Q3 2024 stood at N71.1 trillion, reflecting a year-on-year nominal growth rate of 17.26% compared to N60 trillion in Q3 2023. This figure also exceeds the N60.9 trillion recorded in the previous quarter (Q2 2024).
Key contributors to economic activity in real terms for Q3 2024 included Crop Production (26.51%), Trade (14.78%), Telecommunications (13.94%), Crude Petroleum (5.57%), and Real Estate (5.43%).
When categorizing economic activities into Agriculture, Industry, and Services based on growth, the Agricultural Sector grew by 1.14% in Q3 2024, slightly down from 1.30% in Q3 2023. The Industry sector saw a growth of 2.18% in Q3 2024, an improvement from the 0.46% recorded in the same quarter last year. Meanwhile, the Services sector grew by 5.19%, up from 3.99% in Q3 2023.
Adeniran further attributed the economic performance of the non-oil sector in Q3 2024 to growth in various activities, including crop production in agriculture, trade, telecommunications, and real estate within the services sector.
