The National Bureau of Statistics (NBS) released its GDP report on Monday, indicating that the growth is 3.19 percent higher than the one observed in Q2 2024.
“In real terms, Nigeria’s GDP increased by 3.46% (year-over-year) in the third quarter of 2024,” the NBS reported. “This growth rate is higher than the 3.19% growth in the second quarter of 2024 and the 2.54% growth in the third quarter of 2023.”
The study said that, in nominal terms, the total GDP at basic prices for the quarter under review was N71,131,091.07 million.
“This performance is better than the third quarter of 2023, when the total GDP was N60,658,600.37 million, representing a nominal growth of 17.26% year over year.”
According to the NBS, the services sector was primarily responsible for the GDP rise. According to the report, the sector’s 5.19 percent growth rate and 53.58 percent GDP contribution highlight its growing significance to the national economy.
“Compared to the third quarter of 2023, when it grew by 1.30%, the agriculture sector grew by 1.14%,” the NBS stated.
“Compared to the 0.46% growth observed in the third quarter of 2023, the industry sector’s growth was 2.18%.
“The services sector made a larger contribution to the overall GDP in the third quarter of 2024 than it did in the same quarter of 2023, in terms of GDP share.”
According to the NBS, Nigeria’s average daily oil production during the reviewed quarter was 1.47 million barrels per day (mbpd), 0.02 mbpd more than the daily average production of 1.45 mbpd during the same quarter in 2023, and 0.07 mbpd more than the second quarter of 2024’s production volume of 1.41 mbpd.
The research stated that the oil sector’s actual growth in the third quarter of 2024 was 5.17% (year-over-year), which is 6.02% higher than the rate of -0.85% in the same quarter of 2023.
However, in real terms, the non-oil sector expanded by 3.37% in the comparable quarter (Q3 2024).
“This rate was higher than the 2.80% recorded in the second quarter of 2024 and higher by 0.62% points compared to the rate recorded in the same quarter of 2023, which was 2.75%,” the NBS continued.
–Deeprows News
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