• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, June 29, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

JUST-IN: Nigeria’s GDP Grows By 3.46% In Q3

by Mark Itsibor
7 months ago
in News
Share on WhatsAppShare on FacebookShare on XTelegram

Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the third quarter of 2024, latest data from the National Bureau of Statistics (NBS) has shown.

Advertisement

The growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19%.

According to NBS, 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.

RELATED

Why Tinubu Is Visiting Saint Lucia — Presidency

Why Tinubu Is Visiting Saint Lucia — Presidency

29 minutes ago
FEC Felicitates Muslim Faithful At Ramadan Take-off

Mischief Makers Behind SGF Sack Rumour — Federal Gov’t

32 minutes ago

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%,” the statistics bureau stated.

The Nigerian economy is classified broadly into the oil and non-oil sectors.

The non-oil sector grew by 3.37% in real terms during the quarter under reference (Q3 2024). This rate was higher by 0.62% points compared to the rate recorded in the same quarter of 2023 which was 2.75% and higher than the 2.80% recorded in the second quarter of 2024.

The sector was driven in the third quarter of 2024 mainly by financial and insurance (financial institutions); information and
communication (telecommunications); agriculture (Crop production); transportation and storage (road transport); trade; and construction, accounting for positive GDP growth.

In real terms, the non-oil sector contributed 94.43% to the nation’s GDP in the third quarter of 2024, lower than the share recorded in the third quarter of 2023 which was 94.52% and higher than the second quarter of 2024 recorded as 94.30%.

The real growth of the oil sector was 5.17% (year-on-year) in Q3 2024, indicating an increase of 6.02% points relative to the rate recorded in the corresponding quarter of 2023 (-0.85%). Growth decreased by 4.98% points when compared to Q2 2024 which was 10.15%.

On a quarter-on-quarter basis, the oil
sector recorded a growth rate of 7.39% in Q3 2024. The Oil sector contributed 5.57% to the total real GDP in Q3 2024, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.48% and 5.70% respectively.

The nation in 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 0.07mbpd.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: GDP
SendShareTweetShare
Previous Post

Bishop TD Jakes Now ‘Stable’ After Health Emergency, Says Potter’s House

Next Post

Driver Killed, Police Escort Injured As Gunmen Kidnap Akwa Ibom Businessman

Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

You May Like

Why Tinubu Is Visiting Saint Lucia — Presidency
News

Why Tinubu Is Visiting Saint Lucia — Presidency

2025/06/29
FEC Felicitates Muslim Faithful At Ramadan Take-off
News

Mischief Makers Behind SGF Sack Rumour — Federal Gov’t

2025/06/29
Kano Gov’t Hails Ruling On LG Polls
News

Kano Gov’t Renames Institute, Commission After Deceased 22 Athletes

2025/06/29
NDLEA Arrests 48 Suspects, Convicts 5 In Edo
News

Don’t Help Anyone Carry Bags You Didn’t Pack, NDLEA Warns Travellers

2025/06/29
Delta South APC Leaders, Stakeholders Endorse Tinubu, Oborevwori For Second Term
News

Delta South APC Leaders, Stakeholders Endorse Tinubu, Oborevwori For Second Term

2025/06/29
Ex-Footballer, Businessman, Others Arrested Over Illicit Drugs
News

Ex-Footballer, Businessman, Others Arrested Over Illicit Drugs

2025/06/29
Leadership Conference advertisement

LATEST

Why Tinubu Is Visiting Saint Lucia — Presidency

Mischief Makers Behind SGF Sack Rumour — Federal Gov’t

Kano Gov’t Renames Institute, Commission After Deceased 22 Athletes

Don’t Help Anyone Carry Bags You Didn’t Pack, NDLEA Warns Travellers

Delta South APC Leaders, Stakeholders Endorse Tinubu, Oborevwori For Second Term

Ex-Footballer, Businessman, Others Arrested Over Illicit Drugs

Saudi Arabia Okays Burial Of Late Dantata In Madina On Monday 

Sultan Tasks Political Leaders On Motto Of National Institute

Kanu, Ikpeba To Attend NNL Super 8 Opener

WAFCON 2024: CAF Celebrates Former Super Falcons Captain, Ebi

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.