The recent report on Gross Domestic Product (GDP) published by the National Bureau of Statistics revealed that Nigeria’s GDP grew by 3.46% (year-on-year) in real terms in the third quarter of 2024. This growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19%.
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% and contributed 53.58% to the aggregate GDP. The agriculture sector grew by 1.14%, from the growth of 1.30% recorded in the third quarter of 2023. The growth of the industry sector was 2.18%, an improvement from 0.46% recorded in the third quarter of 2023. In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023.
In the quarter under review, aggregate GDP at basic price stood at N71.131 trillion in nominal terms. This performance is higher when compared to the third quarter of 2023 which recorded aggregate GDP of N60.659 trillion, indicating a year-on-year nominal growth of 17.26%.