Nigeria’s economy recorded a robust growth of 3.46% in real terms in the third quarter of 2024, up from 2.54% in Q3 2023 and 3.19% in Q2 2024, according to data released by the National Bureau of Statistics (NBS). This marks a continued improvement in the nation’s economic performance, underpinned by strong growth in the services sector.

In real terms, the country’s Gross Domestic Product (GDP) stood at ₦20.12 trillion, up from ₦18.29 trillion in Q2 2024 and ₦19.44 trillion in Q3 2023. Nominal GDP was reported at ₦71.13 trillion, reflecting a 17.26% year-on-year increase.

The Services sector emerged as the leading driver of economic expansion, growing by 5.19% and contributing a substantial 53.58% to the GDP. This sector demonstrated the largest year-on-year improvement among the broad economic categories, outpacing Agriculture and Industry.

Key contributors to real GDP included Crop Production (26.51%), Trade (14.78%), Telecommunication (13.94%), Crude Petroleum (5.57%), and Real Estate (5.43%).

Agriculture grew by 1.14%, contributing 28.65% to the GDP, while Industry expanded by 2.18%, contributing 17.77%. The Services sector stood out with a growth rate of 5.19%, contributing 53.58% to GDP.

The oil sector grew by 5.17%, with an average daily production of 1.47 million barrels per day (mbpd) and contributed 5.57% to GDP. However, the non-oil sector remained the dominant driver, accounting for 94.43% of the GDP. Growth in this segment was powered by Crop Production, Trade, Telecommunications, and Real Estate.

The continued growth in Nigeria’s GDP reflects resilience in key sectors, particularly Services and Telecommunications. Analysts believe the sustained diversification of the economy and improvements in oil production could further bolster growth in subsequent quarters.