Nigeria’s economy expanded by 3.46% year-on-year in Q3 2024, marking a notable improvement from the 2.54% growth recorded in Q3 2023 and the 3.19% growth in Q2 2024. According to the National Bureau of Statistics (NBS), the growth was driven by robust performance in the oil sector, increased activity in services, and steady progress in agriculture. The services sector emerged as the top contributor, growing by 5.19% and accounting for 53.58% of the total GDP, underpinned by telecommunications and financial institutions.
The oil sector rebounded significantly, recording a 5.17% growth compared to a contraction of -0.85% in the same period last year. Crude oil production averaged 1.47 million barrels per day, slightly higher than Q3 2023 and Q2 2024 figures. Meanwhile, the non-oil sector maintained dominance, contributing 94.43% to GDP and achieving a growth rate of 3.37%, driven by agriculture, transportation, and construction, reflecting the continued diversification of Nigeria’s economy.
In nominal terms, GDP rose to ₦71.13 trillion, up 17.26% from ₦60.66 trillion in Q3 2023, highlighting the combined effects of inflation and higher economic activity. While agriculture grew modestly at 1.14%, crop production remained critical for food security. The industrial sector saw a recovery with 2.18% growth, supported by gains in mining, manufacturing, and construction. This overall performance underscores Nigeria’s steady but diversified economic recovery trajectory.
