HomeNewsNigeria’s GDP Growth Boosts to 3.46% as Services Sector Leads in Q3...

Nigeria’s GDP Growth Boosts to 3.46% as Services Sector Leads in Q3 2024

Published on

KEY POINTS


  • GDP Growth: Up from 3.16 percent in Q2’24 and 2.54 percent in Q3’23, 46 percent in Q3’24.
  • Sector Contributions: Growth was services (53.58 percent), oil sector (5.5 percent) and non oil sector (3.37 percent).
  • Challenges: In addition to high food and energy prices, there has been increased volatility of foreign exchange.

In the third quarter of 2024 (Q3’24), Nigeria’s Gross Domestic Product (GDP) grew at 3.46 percent from 3.16 percent in Q2’24 and 2.54 percent in Q3’23, the National Bureau of Statistics (NBS) says.

The section contributed 53.58 percent to the aggregate GDP and the main driver of the improvement was the services sector which grew 5.19 percent.

Besides the oil sector, the non-oil sector registered a growth of 3.37 percent in real terms, dominated by Agriculture, trade, finances institutions, telecommunication and construction.

Q3’23 saw the oil sector post a 5.17percent growth with daily oil production rising to 1.47 mbpd from 1.45 mbpd in Q3’23 (representing 5.5 percent of the GDP) following a higher growth of 5.5percent.

Sectoral highlights and challenges

The services sector once again remained the main driver of GDP growth, however, the agriculture sector grew 1.14 percent, decelerating by 0.16 percentage points from that of Q3’23’s 1.3 percent.

The industrial sector rebounded with 2.18 percent growth, against 0.46 percent in Q3’23.

CardinalStone Research analysts believe the services sector will continue to drive GDP growth, with the analyst firm expecting 2024 full year GDP growth to rise to 3.2 percent, up from 2023 at 2.7 percent.

However, as Agriculture and Industry grew, rising food inflation at 39.2 percent in October facilitated by the appreciation on energy; coupled with foreign exchange pressures posed a challenge.

Latest articles

Uromi Killings: Yoruba Youth Leaders Condemn, Urge Action

As Yoruba youth leaders they denounce the Uromi killings while advocating for governmental countermeasures to stop Fulani herdsmen raids in southwestern Nigeria.

Kogi Commissioner Says Security To Decide The Arrest of Senator

Despite a government ban on public gatherings Senator Natasha conducted her event which led security forces to determine whether she should be arrested.

Senator Natasha Calls on Nigerians to Hold Akpabio, Bello Responsible for Her Safety

Key Points Akpoti-Uduaghan calls for accountability from Akpabio, Ododo, and Bello. Despite a ban,...

Nigeria Faces Surge in Meningitis Cases, Deaths

Nigeria is experiencing a meningitis outbreak with rising cases and deaths. The NCDC is urging vaccination and immediate medical attention.

More like this

Uromi Killings: Yoruba Youth Leaders Condemn, Urge Action

As Yoruba youth leaders they denounce the Uromi killings while advocating for governmental countermeasures to stop Fulani herdsmen raids in southwestern Nigeria.

Kogi Commissioner Says Security To Decide The Arrest of Senator

Despite a government ban on public gatherings Senator Natasha conducted her event which led security forces to determine whether she should be arrested.

Senator Natasha Calls on Nigerians to Hold Akpabio, Bello Responsible for Her Safety

Key Points Akpoti-Uduaghan calls for accountability from Akpabio, Ododo, and Bello. Despite a ban,...