The national bureau of statistic has revealed that Nigeria’s Gross Domestic Product (GDP) growth rate in real terms grew by 3.46 per cent in the third quarter (Q3) of 2024 on a year-on-year basis.
According to the nbs date released today, The Q3 GDP growth is 0.92 percentage points higher than the 2.54 percent recorded in Q3 2023.
Similarly, the Q3 GDP was higher by 0.27 percentage points relative to the 3.19 percent recorded in the second quarter (Q2) of 2024.
This reflects a higher growth rate when compared to the corresponding quarter of Q3 2023 and the preceding quarter Q2 2024.
The major driver of the economy in the period under review is the Services sector, which recorded a growth of 5.19 percent and contributed 53.58 percent to the aggregate GDP.
The economic activity in real terms for Q3 2024 stood at ₦20,115,766.93 which is higher than the rates recorded in the preceding Q2 2024 which stood at ₦18,285,019.24 million, and the corresponding quarter Q3 2023 which recorded ₦19,442,281.18 million.
This highlighted the increase in the production level in the quarter under review compared to the previous quarters of Q2 2024 and the corresponding quarter of Q3 2023.
