The latest report by the National Bureau of Statistics in its recent release on the state of the economy posted a 3.46 percent growth in Nigeria’s Gross Domestic Product (GDP) in real terms (year-on-year) in the third quarter of 2024. This report has shown a consistent improvement in the figures posted when compared to figures posted in Q3’2023 and Q2’2024 which respectively stood at 2.54 percent and 3.19 percent.
At a Glance
| Sectors | Contribution To GDP, Q3 2024 (%) | Growth Rate |
| Agriculture | 28.65 | 1.14 |
| Industries | 17.77 | 2.18 |
| Services | 53.58 | 5.19 |
| 100.00 | —- | |
| Non-Oil | 94.43 | 3.37 |
| Oil | 5.57 | 5.17 |
| 100.00 | —- | |
REAL GROWTH RATE AT BASIC PRICE | 3.46 | |
REAL GROWTH RATE AT MARKET PRICE | 3.12 | |
The performance of the GDP in the third quarter of 2024 was primarily driven by the Services sector, which recorded a growth of 5.19 percent, an improvement from the 3.99 percent recorded in the third quarter of 2023, contributing 53.58 percent to the aggregate GDP. The Agriculture sector grew by 1.14 percent, down from the 1.30 percent growth recorded in the same period of 2023, contributing 28.65 percent to the aggregate GDP. Meanwhile, the industry sector experienced a growth of 2.18 percent, up from 0.46 percent in the third quarter of 2023.
