Nigeria’s Gross Domestic Product (GDP) growth rate in real terms grew by 3.46% 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%).
Similarly, the Quarter was higher by 0.27 percentage points relative to the 3.19% recorded in the second quarter (Q2) of 2024. This reflects a higher growth rate when compared to the corresponding quarter (Q3 2023) and the preceding quarter (Q2 2024).
According to Adeyemi Adeniran Adedeji, Statistician General of the Federation in a statement on monday, the major driver of the economy is the Services sector, which recorded a growth of 5.19% and contributed 53.58% to the aggregate GDP.
The economic activity in real terms for Q3 2024 stood at ₦20,115,766.93 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.
(Business Day)
