NBS Announces 3.46% GDP Growth For Nigeria In Q3 2024

NBS Announces 3.46% GDP Growth For Nigeria In Q3 2024The National Bureau of Statistics (NBS) has reported that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in the third quarter of 2024, marking a significant increase from the 3.19% growth recorded in Q2 and the 2.54% growth seen in Q3 of 2023.....KINDLY READ THE FULL STORY HERE▶

The NBS report, released on Monday, revealed that the growth was primarily driven by the services sector, which expanded by 5.19%, contributing 53.58% to the overall GDP. The agriculture sector also saw growth, rising by 1.14%, though this was slightly lower than the 1.30% growth in the same quarter of 2023. Meanwhile, the industrial sector showed a notable improvement, with a 2.18% growth, up from 0.46% in Q3 of 2023.

The report further highlighted that Nigeria’s aggregate GDP at basic price for Q3 2024 stood at ₦71.13 trillion in nominal terms, compared to ₦60.66 trillion in the same period last year. This reflects a year-on-year nominal growth of 17.26%.

Overall, the third-quarter growth indicates a positive economic trajectory, largely attributed to the strong performance of the services sector, which continued to play a dominant role in driving Nigeria’s economic recovery.

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