The National Bureau of Statistics (NBS) reported on Monday that Nigeria's Gross Domestic Product (GDP) grew by 3.46% year-on-year in the third quarter of 2024, marking an improvement from the 2.54% recorded in the same quarter of 2023 and the 3.19% in the second quarter of 2024.

The growth was primarily driven by the services sector, which recorded a 5.19% increase and contributed 53.58% to the aggregate GDP. Other sectors also showed positive momentum, with the agriculture sector growing by 1.14% and the industry sector expanding by 2.18%.

The country's oil sector performed moderately, recording an average daily oil production of 1.47 million barrels per day in Q3 2024, a slight increase from 1.45 mbpd in the same quarter of 2023. The oil sector's real growth was 5.17% year-on-year and contributed 5.57% to the total real GDP.

The non-oil sector, which remains the backbone of Nigeria's economy, grew by 3.37% in real terms and contributed 94.43% to the nation's GDP. Key contributors included telecommunications, trade, agriculture, financial services, and construction.

In nominal terms, the aggregate GDP stood at N71.13 trillion in Q3 2024, representing a year-on-year nominal growth of 17.26% compared to the N60.66 trillion recorded in the same quarter of 2023.​​​​​​​​​​​​​​​​