Follow Us on Google
From Isaac Anumihe, Abuja
Gross Domestic Product (GDP) growth rate in real terms (constant price) grew by 3.46 per cent in the third quarter (Q3) of 2024 on a year-on-year basis, which is 0.92 percentage points higher than the rate recorded in Q3 2023 (2.54 per cent).
Similarly, the quarter was higher by 0.27 percentage points relative to the 3.19 per cent recorded in the second quarter (Q2) of 2024.
This, the National Bureau of Statistics (NBS), in a statement, reflected a higher growth rate when compared to the corresponding quarter (Q3 2023) and the preceding quarter (Q2 2024).
According to the statement, the major driver of the economy is the services sector, which recorded a growth of 5.19 per cent and contributed 53.58 per cent to the aggregate GDP.
The economic activity in real terms for Q3 2024 stood at ₦20,115,766.93 million, 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.
“In nominal terms (current price), aggregate GDP stood at ₦71,131,091.07 million in Q3 2024, indicating a year-on-year nominal growth rate of 17.26 per cent compared to the value of ₦60,658,600.37 million recorded in Q3 2023. Similarly, the quarter under review is higher than the value of ₦60,930,000.58 million recorded in the preceding quarter (Q2 2024).”
Other News
The major contributing economic activities in real terms in the quarter under review (i.e., Q3 2024) are crop production (26.51 per cent), trade (14.78 per cent), telecommunication (13.94 per cent), crude petroleum (5.57 per cent), and real estate (5.43 per cent).
“On a broad classification of the economic activities into agriculture, industry, and services sectors based on growth, the agricultural sector grew by 1.14 per cent in Q3 2024 in real terms, which is less than Q3 2023, which recorded 1.30 per cent. The industry grew by 2.18 per cent in Q3 2024, which shows improvement compared to the figure recorded in Q3 2023 (0.46 per cent). The services sector grew by 5.19 per cent, higher than 3.99 per cent recorded in Q3 2023.”
“Analyses of the contributions of the broad economic sectors in the period under review show that agriculture contributed 28.65 per cent, 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, while the services sector had the highest contribution to the GDP in Q3 2024, surpassing the services sector’s contribution in the corresponding quarter of 2023 by 0.88 percentage points.”
The statement also noted that the oil sector, which showed much improvement in Q3 2024, accounted for 5.57 per cent of the total GDP during the quarter under review.
“Further disaggregation of the economic activities into oil and non-oil sectors shows that the oil GDP grew by 5.17 per cent in Q3 2024, which shows improvement compared to Q3 2023 (-0.85 per cent), but less than the previous quarter of Q2 2024, which recorded 10.15 per cent. Similarly, the oil sector accounted for 5.57 per cent of the total GDP during the quarter under review.”
“The third quarter of 2024 recorded an average daily oil production of 1.47 million barrels per day (mbpd), higher than the daily average production of 1.45 mbpd recorded in the same quarter of 2023 by 0.02 mbpd and higher than the second quarter of 2024 production volume of 1.41 mbpd by 0.07 mbpd.”
“In real terms, the non-oil sector contributed 94.43 per cent to the GDP in Q3 of 2024. This shows a decrease on a year-on-year basis compared to the same period in 2023, which stood at 94.52 per cent but higher than Q2 2024, which recorded 94.30 per cent. The economic performance of the non-oil sector in Q3 2024 is attributed to the growth recorded in some economic activities, like crop production in the agriculture sector, trade, telecommunication, and real estate in the services sector,” the statement noted.
