Nigeria’s Gross Domestic Product (GDP) growth rate in real terms surged by 3.46% in the third quarter (Q3) of 2024, compared to the same period in 2023.
This marks a notable 0.92 percentage point increase from the 2.54% recorded in Q3 2023, reflecting a steady recovery in the country’s economic performance.
The National Bureau of Statistics (NBS) disclosed this in its GDP report published on Monday.
When compared to the preceding quarter (Q2 2024), the growth rate also saw a slight improvement, rising by 0.27 percentage points from 3.19% in Q2 2024. This uptick demonstrates a positive trend in economic activity as the country moves through the year.
The major driver of the economy during this period was the Services sector, which recorded a robust growth of 5.19% and contributed significantly to the overall GDP, accounting for 53.58% of the total economic output. This highlights the growing importance of the Services sector in the broader economic landscape of Nigeria.
In terms of actual economic activity, real GDP for Q3 2024 stood at ₦20,115,766.93 million, up from ₦18,285,019.24 million in Q2 2024, and ₦19,442,281.18 million recorded in Q3 2023. This positive performance underscores the resilience of Nigeria’s economy in the face of global challenges.
The Statistician General of the Federation Adeyemi Adeniran Adedeji, highlighted the data in a statement released on Monday, emphasizing the steady economic growth and the continued contribution of the Services sector to the nation’s economic development.
