The National Bureau of Statistics has said Nigeria’s Gross Domestic Product growth rate in real terms grew by 3.46 per cent in the third quarter of 2024 on a year-on-year basis.
The Statistician General of the Federation, Prince Adeyemi Adeniran said this in a press statement recently.
He said the growth is 0.92 percentage points higher than the 2.54 per cent recorded in the third quarter of 2023. The statement added that the growth in the quarter was higher by 0.27 percentage points relative to the 3.19 per cent recorded in the second quarter of 2024.
He said, “This reflects a higher growth rate when compared to the corresponding quarter (Q3 2023) and the preceding quarter (Q2 2024). The major driver of the economy is the Services sector, which recorded a growth of 5.19 per cent and contributed 53.58 per cent to the aggregate GDP.
“The economic activity in real terms for Q3 2024 stood at N20.1tn which is higher than the rates recorded in the preceding Q2 2024 which stood at N18.2tn, and the corresponding quarter Q3 2023 which recorded N19.4tn.”
He stated that in nominal terms (current price), aggregate GDP stood at N71.1tn in Q3 2024, indicating a year-on-year nominal growth rate of 17.26 per cent compared to the value of N60.tnrecorded in Q3 2023.
He said, “Similarly, the quarter under review is higher than the value of N60.9tn recorded in the preceding quarter (Q2 2024).
“The major contributing economic activities in real terms in the quarter under review (i.e., Q3 2024) are crop production 26.51 per cent, trade 14.78 per cent, telecommunication 13.94 per cent, crude petroleum 5.57 per cent and real estate 5.43 per cent.”
