Nigeria’s Gross Domestic Product growth rate in real terms, constant prices, for the third quarter of 2024 increased by 3.46% compared to the same period in the previous year.
This was disclosed in a statement on Monday by the Statistician General of the Federation, Adeyemi Adeniran.
This growth represents a 0.92 percentage point rise from the 2.54% recorded in Q3 2023, reflecting a positive shift in the country’s economic performance.
Adeniran, in the statement noted that the Q3 2024 GDP growth rate was also 0.27 percentage points higher than the 3.19% recorded in the previous quarter, Q2 2024, signaling a steady recovery.
The key driver of this economic growth was the Services sector, which recorded a significant 5.19% increase and contributed 53.58% to the overall GDP.
This robust performance in the Services sector continues to show its vital role in supporting the Nigerian economy.
“This reflects a higher growth rate when compared to the corresponding quarter (Q3 2023) and the preceding quarter (Q2 2024).
“The major driver of the economy is the Services sector, which recorded a growth of 5.19% and contributed 53.58% to the aggregate GDP.
“The economic activity in real terms for Q3 2024 stood at N20.1tr, which is higher than the rates recorded in the preceding Q2 2024 which stood at N18.2tr , and the corresponding quarter Q3 2023 which recorded N19.4tr,” Adeniran said.
On the other hand, in nominal terms, current price, the aggregate GDP for Q3 2024 reached N71.1 trillion, marking a substantial year-on-year growth rate of 17.26% from N60.6 trillion in Q3 2023.
The nominal GDP for the quarter also surpassed the N60.9 trillion recorded in Q2 2024, further reflecting the economy’s upward trajectory.
Adeniran detailed the major contributing economic activities for the third quarter, highlighting Crop Production (26.51%), Trade (14.78%), Telecommunication (13.94%), Crude Petroleum (5.57%), and Real Estate (5.43%) as the main sectors driving economic activity during the period.
“Similarly, the quarter under review is higher than the value of N60.9tr recorded in the preceding quarter (Q2 2024).
“The major contributing economic activities in real terms in the quarter under review (i.e., Q3 2024) are Crop Production 26.51%, Trade 14.78%, Telecommunication 13.94%, Crude petroleum 5.57% and Real Estate 5.43%.
“On a broad classification of the economic activities into Agriculture, Industry, and Services sectors based on growth. The Agricultural Sector grew by 1.14% in Q3 2024 in real terms, which is less than Q3 2023 which recorded 1.30%.
“The industry grew by 2.18% in Q3 2024, which shows improvement compared to the figure recorded in Q3 2023 (0.46%). While the Services sector grew by 5.19% higher than 3.99% recorded in Q3 2023,” he added.
The Statistician General also attributed the strong performance of the non-oil sector in Q3 2024 to growth in key areas such as crop production within agriculture, as well as trade, telecommunication, and real estate in the services sector.
