Nigerian GDP Grows by 3.46% in 3rd Quarter, 10 Sectors Lead
- The NBS has released its latest Gross Domestic Product report, revealing that the Nigerian economy improved in the 3rd quarter of 2024
- The report shows that the Nigerian economy grew by 0.92 percentage points compared to the rate recorded in Q3 2023 (2.54%)
- It measures economic activities across different sectors and highlights the service sector as a key driver of growth
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics has revealed that Nigeria recorded a Gross Domestic Product growth of 3.46% (year-on-year) in real terms in the third quarter of 2024 (July, August, and September).
The figure is an increase from the 2.54% growth recorded in the corresponding period of 2023 and an improvement from the 3.19% growth observed in the second quarter of 2024.
Source: Getty Images
The NBS stated this in its latest Quarterly Gross Domestic Product (GDP) report published on Monday, November 25, 2024.
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Part of NBS reads:
"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.
"In terms of share of the GDP, 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%."
Top 10 contributing sectors to the economy in Q3, 2024
- Crop production - 26.51%
- Trade - 14.78%
- Telecommunications & information services - 13.94%
- Crude petroleum and natural gas - 5.57%
- Real estate - 5.43%
- Financial institutions - 5.06%
- Food, beverage and tobacco - 4.06%
- Construction - 3.35%
- Professional, scientific & technical services - 3.15%
- Other services - 2.12%
FG, BOI open application portal for business owners to get loans
Legit.ng earlier reported that the Bank of Industry (BoI) had launched an application portal for Nigerians to access the Federal Government’s N75 billion Micro, Small, and Medium Enterprises (MSMEs) Intervention Fund.
BoI representative Amina Habu Mohammed announced the start of the application process during a press conference on a Memorandum of Understanding (MoU) signed between the Nigerian Association of Small-Scale Industrialists (NASSI) and the Bank of Industry.
According to Amina, the fund plans to give N1 million each at a 9% interest rate for three years without collateral.
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Source: Legit.ng
