Nigeria’s GDP Grew 3.46% in Q3

James Emejo in Abuja

The country’s Gross Domestic Product (GDP) recorded a growth rate 3.46 per cent in the third quarter of the year (Q3), representing a 0.27 per cent increase compared to 3.19 per cent in the preceding quarter, the National Bureau of Statistics (NBS) said Monday.
Year on year however, the economy grew by 0.92 per cent higher than 2.54 per cent in Q3 2023.
According to the Gross Domestic Product (GDP) Q3 2024 Report, released by the statistical agency, in real terms, economic activity stood at N20.12 trillion compared to N18.29 trillion Q2 2024 and
N19.44 trillion in Q3 2023.
The Statistician-General of the Federation/ Chief Executive, National Bureau of Statistics (NBS), Prince Adeyemi Adeniran, attributed the slight increase in GDP growth rate to increase in production level within the review quarter compared to Q2.
In nominal terms (current price), aggregate GDP stood at N71.13 trillion, a year-on-year, representing a nominal growth of 17.26 per cent compared to N60.66 trillion in Q3 2023.
Aggregate GDP was also higher than N60.93 trillion recorded in Q2 2024.
Agriculture contributed 28.65 per cent to growth, industry 17.77 per cent, and services 53.58 per cent.
Agriculture and industry contributions were less than their contributions in Q3 2023 by 0.66 per cent and 0.22 per cent respectively while the services sector had the highest contribution in the current review quarter.