Nigeria’s GDP grows by 3.46% in Q3 2024- NBS

The National Bureau of Statistics (NBS), says Nigeria’s Gross Domestic Product (GDP) grew by 3.46 per cent in the third quarter of 2024 on a year-on-year basis.

The NBS said this in the Nigerian Gross Domestic Product Report Q3 2024 released in Abuja.

According to the report, this growth rate is lower than the 2.54 per cent recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19 per cent.

The report said the performance of the GDP in the third quarter of 2024 was driven mainly by the services sector, which recorded a growth of 5.19 per cent and contributed 53.58 per cent to the aggregate GDP.

It said the agriculture sector grew by 1.14 per cent in the third quarter, from the growth of 1.30 per cent recorded in the third quarter of 2023.

The report said the Industry sector witnessed a growth rate of 2.18 per cent, an improvement from 0.46 per cent recorded in the third quarter of 2023.

The NBS said in terms of share of the GDP, the services sector contributed more to the aggregate GDP in Q3 2024 compared to Q3 2023.

The report said in the third quarter of 2024, aggregate GDP stood at N71,131,091.07 million in nominal terms.

“This performance is higher when compared to the third quarter of 2023 which recorded aggregate GDP of N60,658,600.37 million, indicating a year-on-year nominal growth of 17.26 per cent,” the NBS said.