Nigeria’s GDP Grows by 3.46% in Q3 2024, Highest in Two Years
Nigeria’s economy has recorded its highest growth rate in two years, with the Gross Domestic Product (GDP) expanding by 3.46% in the third quarter of 2024. This growth is a significant improvement over the 2.54% recorded in the same quarter of 2023 and the 3.19% growth in the previous quarter.
A report released by the National Bureau of Statistics (NBS) shows that the growth was primarily driven by the service sector, which recorded a growth rate of 5.19% and contributed 53.58% to the overall GDP. The agriculture sector also grew, albeit at a slower rate of 1.14%, while the industry sector saw a growth rate of 2.18%, a significant improvement from the previous year’s 0.46%.
The report highlights that the services sector played a more significant role in contributing to the aggregate GDP in the third quarter of 2024 compared to the same period in 2023. The nominal aggregate GDP at basic prices stood at ₦71,131,091.07 million, representing a year-on-year nominal growth of 17.26% compared to the third quarter of 2023, which recorded an aggregate GDP of ₦60,658,600.37 million.
