Nigeria’s Gross Domestic Product (GDP) surged by 3.46% in the third quarter of 2024, showcasing an impressive recovery from the 2.54% growth recorded in the same period last year, according to the Statistician General of the Federation, Adeyemi Adeniran. This represents a 0.92 percentage point increase year-on-year and a slight improvement over the 3.19% recorded in the second quarter of 2024.

The growth was primarily fueled by the Services sector, which expanded by 5.19%, contributing a significant 53.58% to the overall GDP. Real GDP for Q3 2024 reached N20.1 trillion, surpassing the N18.2 trillion recorded in Q2 2024 and the N19.4 trillion in Q3 2023.

In nominal terms, GDP stood at N71.1 trillion for Q3 2024, reflecting a 17.26% year-on-year increase from N60.7 trillion in Q3 2023. This figure also exceeded the N60.9 trillion recorded in the previous quarter.

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Key contributors to the GDP growth included Crop Production (26.51%), Trade (14.78%), Telecommunications (13.94%), Crude Petroleum (5.57%), and Real Estate (5.43%). While Agriculture experienced a modest 1.14% growth, slightly down from 1.30% in Q3 2023, the Industry sector saw a notable improvement with 2.18% growth, compared to 0.46% in the same period last year.

The robust performance of the Services sector, with its 5.19% growth compared to 3.99% in Q3 2023, played a critical role in driving overall economic expansion. Adeniran attributed the strong non-oil sector growth to increased activity in crop production, trade, telecommunications, and real estate within the Services sector.