Nigeria’s GDP rate increased by 3.46% in Q3 2024 – NBS

NBS’s report on GDP released on Monday, stated that the growth rate is better than the 3.19 percent reported in Q2 2024.

The bureau reported that the growth rate is higher than the 2.54 percent registered in the third quarter of 2023.

According to the research, the services sector which generated 53.58 percent of the total GDP and had a growth rate of 5.19 percent, was the primary driver of the GDP performance during the period under review.

The statistics work states “The agriculture sector grew by 1.14%, from the growth of 1.30% recorded in the third quarter of 2023.

“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”, it added.

The nominal GDP was N71.13 trillion in Q3 2024, according to the NBS.

The total worth of all goods produced in a nation during a given year is measured by both nominal and real GDP.

However, nominal GDP is not adjusted for inflation, but real GDP is.

“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 stated.

Oil production increased to 1.47 million barrels in Q3 2024

According to the data bureau’s report, the nation’s average oil production for the third quarter of this year was 1.47 million barrels per day (mbpd).

The bureau claims that this is “0.07 million bpd higher” than the production volume of 1.41 million barrels per day in the second quarter and “0.02 million barrels higher than the daily average production of 1.45 million barrels per day recorded in the same quarter of 2023”.

The NBS said “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%).

“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”.

The non-oil sector contributed 94.4% to the growth of the GDP rate in Q3

According to NBS, the non-oil industry expanded by 3.37 percent in real terms in Q3 2024, which was 0.62 percent higher than the 2.75 percent growth rate in the same quarter of 2023.

Additionally, the bureau reported that the contribution was larger than the 2.8% recorded in 2024’s second quarter.

“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.

Trade, agriculture (crop production), financial and insurance (financial institutions), manufacturing (food, beverage, and tobacco), real estate and construction, accounting, and the non-oil sector—which includes information and communication (telecommunication)—were the top contributors to the growth of the nation’s GDP rate.

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