5 Fastest-growing Sectors In Q3

Nigeria’s Gross Domestic Product (GDP) grew by 3.46 per cent (year-on-year) in the third quarter of 2024, higher than 3.19 percent in the second quarter 2024 and 2.54 per cent in the third quarter of last year, according to the National Bureau of Statistics (NBS).

Below are the five fastest growing sector during the period
1. Financial Services
The Financial services sector was the fastest-growing sector by GDP growth in the third quarter of 2024. It grew by 30.83 percent, higher by 2.62 percent from the rate recorded in the 2023 third quarter and higher by 2.04 percent from the rate recorded in the preceding quarter.

2. Transportation and Storage

The Transportation and Storage sector grew by 12.15 per cent in Q3 2024 up by 47.99 per cent compared to the same quarter of the previous year. Quarterly, growth was recorded 35.07 percent in real terms.

3. Water Supply services

The Water Supply, Sewerage, Waste Management and Remediation sector grew by 9.78 percent in the third quarter of 2024, lower by 2.16 percent from the rate recorded in Q3 2023.

4. The Information and Communication sector grew by 5.92 percent in the third quarter of 2024. Compared to the corresponding period of 2023, the rate decreased by 0.77 percent.

5. The Arts, Entertainment and Recreation sector grew by 4.74 percent yearly, higher than by 0.29 percent recorded in Q3 2023. Compared to the preceding quarter, the rate rose by 2.95 percent. Quarterly, growth stood at 8.31 percent in real terms.