Tuesday, 26 November 2024 04:46

Nigeria's GDP grew 3.46% in Q3 2024, driven by services sector - NBS

Rate this item
(0 votes)

The National Bureau of Statistics (NBS) reported on Monday that Nigeria's Gross Domestic Product (GDP) grew by 3.46% year-on-year in the third quarter of 2024, marking an improvement from the 2.54% recorded in the same quarter of 2023 and the 3.19% in the second quarter of 2024.

The growth was primarily driven by the services sector, which recorded a 5.19% increase and contributed 53.58% to the aggregate GDP. Other sectors also showed positive momentum, with the agriculture sector growing by 1.14% and the industry sector expanding by 2.18%.

The country's oil sector performed moderately, recording an average daily oil production of 1.47 million barrels per day in Q3 2024, a slight increase from 1.45 mbpd in the same quarter of 2023. The oil sector's real growth was 5.17% year-on-year and contributed 5.57% to the total real GDP.

The non-oil sector, which remains the backbone of Nigeria's economy, grew by 3.37% in real terms and contributed 94.43% to the nation's GDP. Key contributors included telecommunications, trade, agriculture, financial services, and construction.

In nominal terms, the aggregate GDP stood at N71.13 trillion in Q3 2024, representing a year-on-year nominal growth of 17.26% compared to the N60.66 trillion recorded in the same quarter of 2023.​​​​​​​​​​​​​​​​

June 19, 2025

PZ Cussons quits Nigerian palm oil market, sells stake to partner

Consumer goods multinational PZ Cussons Plc is making a full retreat from Nigeria’s palm oil…
June 14, 2025

Tinubu's pardon of 'Ogoni Nine' rejected by Ogoni people

Ogoni activists on Friday rejected a posthumous pardon for nine members executed three decades ago…
June 20, 2025

Warning signs a snake might be lurking around your home: Clues that could save lives

Few things make your heart race quite like spotting a snake slithering nearby. Whether you…
June 14, 2025

Traditional healer treats the sick with snake bites

Rosalio Culit, also known as Datu Kamandag among his fellow Manobo tribe members in Surigao…
June 20, 2025

Bandits kill 24 farmers, kidnap others in Katsina communities

Bandits have killed at least 20 farmers, three other residents, and a community watch corps…
June 20, 2025

Israel Vs Iran: Here’s what to know after Day 7

Iranian missile strikes Israel’s ‘crown jewel of science’ For years, Israel has targeted Iranian nuclear…
June 20, 2025

Nigerian company to make HIV, malaria test kits locally

Nigerian manufacturer Codix Bio Ltd plans to make millions of HIV and Malaria test kits…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.