Nigeria’s gross domestic product (GDP) grew by 3.46% in the third quarter of 2024 representing a 0.92% on the growth recorded in the same period last year (2.54%). The Q3 GDP growth is also 0.27% higher than the 3.19% growth recorded in the second quarter of the year
The country’s Statistician General, Adeyemi Adeniran Adedeji noted that the service sector was the main driver of the GDP growth as it rose by 5.19% while contributing 53.58% to the aggregate GDP.
The real economic activity for the third quarter of 2024 was measured at ₦20,115,766.93, reflecting an increase compared to the second quarter of 2024, which recorded ₦18,285,019.24 million, as well as the third quarter of 2023, which had a figure of ₦19,442,281.18 million.
The major economic activity that drove this GDP growth include crop production which has a 26.51% contribution, Trade with 14.78%, Telecommunication 13.94%, Crude petroleum 5.57%, and Real Estate with 5.43%.
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Also, the industry sector grew by 2.18% in Q3 2024, a good improvement compared to 0.46% recorded in Q3 2023.
The growth of the non-oil sector in Q3 2024 played a big role in boosting the GDP as there was a major growth in the Agriculture sector, Trade, Telecommunication, and Real Estate.
The unstable price of crude oil and its vulnerability to the forces of demand and supply makes it imperative for the Nigerian government to gear efforts towards developing non oil sector a lot more.
This would open up more revenue potential while helping the country navigate through the current economic woes.
