Nigeria’s economy expanded by 3.46% year-on-year in the third quarter of 2024, according to the National Bureau of Statistics (NBS). This marks an improvement of 0.27 percentage points from the 3.19% growth reported in Q2 2024.
Additionally, it surpasses the 2.54% growth recorded in Q3 2023 by 0.92 percentage points. The growth also exceeded Cordros and Bloomberg’s projections by 50 and 60 basis points, respectively.
Oil Sector Performance
The oil sector witnessed a significant rebound, recording a 5.17% year-on-year growth in Q3 2024 compared to a 0.85% contraction in the same period last year. Although this was lower than the 10.15% growth observed in Q2 2024, crude oil production averaged 1.47 million barrels per day (mbpd) during the quarter, a 4.3% increase from the 1.41 mbpd reported in Q2 2024. The sector contributed 5.57% to total GDP, slightly lower than its 5.70% contribution in the previous quarter.
Non-Oil Sector Gains
The non-oil sector grew by 3.37% year-on-year in Q3 2024, up from 2.80% in Q2 2024, contributing a dominant 94.43% to the GDP, compared to 94.30% in Q2 2024.
Sectoral Analysis
- Agriculture: Growth slowed to 1.14% year-on-year, down from 1.41% in Q2 2024.
- Industries: Growth moderated to 2.18%, compared to 3.53% in Q2 2024.
- Services: Expanded by 5.19%, a notable increase from 3.79% in Q2 2024.
In terms of contributions, services accounted for 53.58%, agriculture for 28.65%, and industries for 17.77% of overall output growth.
