Nigeria’s economy grows by 3.46% in Q3 2024

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Johannesburg, South Africa – Nigeria’s economy recorded a 3.46% growth in the third quarter of 2024, surpassing the 2.54% growth in Q3 2023 and the 3.19% growth in Q2 2024, according to the National Bureau of Statistics (NBS). In nominal terms, the Gross Domestic Product (GDP) reached approximately $92.5 billion, reflecting a 17.26% increase compared to $78.9 billion in the same period last year (exchange rate adjusted).

AfricaHeadline Reports Team
editorial@africaheadline.com 

The recovery was driven by robust performance across the services, oil, and non-oil sectors, signaling consistent economic progress.

The services sector, which accounts for 53.58% of GDP, grew by 5.19%, solidifying its position as the main growth driver. The oil sector rebounded with 5.17% real growth, supported by a rise in average daily oil production to 1.47 million barrels, up from 1.45 million barrels in Q3 2023. Meanwhile, the non-oil sector expanded by 3.37%, fueled by activities in telecommunications, agriculture, transportation, and construction, reflecting the country’s diversification efforts.

These results highlight Nigeria’s economic resilience amid global challenges. With significant progress in key sectors and diversification strategies bearing fruit, Nigeria cements its status as one of Africa’s fastest-growing economies, demonstrating its ability to maintain a positive trajectory and bolster confidence in both domestic and international markets.