Nigeria’s gross domestic product (GDP) grew by 3.46% (year-on-year) in real terms in the third quarter of 2024 with the services sector contributing 53.58% to the overall GDP.
The National Bureau of Statistics (NBS) disclosed this in its latest publication.
The bureau said GDP growth rate was higher than the 2.54% recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19%.
“The performance of the GDP in the third quarter of 2024 was driven mainly by the services sector, which recorded a growth of 5.19% and contributed 53.58% to the aggregate GDP.
“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,” the NBS said.
In terms of share of the GDP, the bureau said the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023.
“In the quarter under review, aggregate GDP at basic price stood at N71, 131,091.07 million in nominal terms.
“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 statement added.
