Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) rate grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

The bureau said the growth rate is also higher than the 2.54 percent recorded in the third quarter of 2023.

According to the report, the performance of the GDP in the period reviewed was driven mainly by the services sector, which recorded a growth rate of 5.19 percent and contributed 53.58 percent 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 statistics firm said.

“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.”

The NBS also said the nominal GDP was N71.13 trillion in Q3 2024.

Nominal GDP and real GDP both quantify the total value of all goods produced in a country in a year. However, while real GDP is adjusted for inflation, nominal GDP is not.

“This performance is higher when compared to the third quarter of 2023 which recorded aggregate GDP of N60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%,” the bureau said.

‘OIL PRODUCTION ROSE TO 1.47M BARRELS IN Q3 2024’

In the report, the data bureau said the country recorded an average oil production of 1.47 million barrels per day (mbpd) in the third quarter of the year.

According to the bureau, this is “0.07million bpd higher” than the second quarter production volume of 1.41mbpd and “0.02mbd higher than the daily average production of 1.45mbpd recorded in the same quarter of 2023”.

“The real growth of the oil sector was 5.17% (year-on-year) in Q3 2024, indicating an increase of 6.02% points relative to the rate recorded in the corresponding quarter of 2023 (-0.85%), the NBS said.

“Growth decreased by 4.98% points when compared to Q2 2024 which was 10.15%. On a quarter-on-quarter basis, the oil sector recorded a growth rate of 7.39% in Q3 2024.

“The Oil sector contributed 5.57% to the total real GDP in Q3 2024, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.48% and 5.70% respectively.”

‘NON-OIL SECTOR CONTRIBUTED 94.4% TO Q3 GDP RATE GROWTH’

The non-oil sector grew by 3.37 percent in real terms in Q3 2024 — higher by 0.62 percent compared to the rate recorded in the same quarter of 2023 which was 2.75 percent, NBS said.

The bureau also said the contribution was higher by the 2.8 percent recorded in the second quarter of 2024.

“In real terms, the non-oil sector contributed 94.43% to the nation’s GDP in the third quarter of 2024, lower than the share recorded in the third quarter of 2023 which was 94.52% and higher than the second quarter of 2024 recorded as 94.30%,” NBS added.

The non-oil sector, which includes information and communication (telecommunication) topped the contribution, trade, agriculture (crop production), financial and insurance (financial institutions), manufacturing (food, beverage and tobacco), real estate and construction, and accounting contributed positively to the country’s GDP rate growth.