November 25, 2024

Nigeria’s economy grew 3.46% year-on-year in the third quarter of 2024, quicker than in the first two quarters of the year, the National Bureau of Statistics (NBS) report showed on Monday.

The report focuses on the growth rates from Q3 2022 through Q1 2024, with projections for Q3 2024.

Gross domestic product (GDP) growth of the country was driven mainly by the services sector, which contributed more than 50% to aggregate output in the July-September period.

The NBS said the services sector grew by 5.19% in the third quarter, contributing 53.58% to aggregate GDP.

The country’s oil sector, which accounts for the bulk of government revenue and foreign exchange reserves, expanded 5.17%.

Analysis of Growth Rates
Q3 2022: 5.0%
The economy experienced moderate growth, reflecting a recovery phase post-pandemic.

Key sectors contributing to this growth included manufacturing and services.

Q1 2023: 10.0%
A significant increase in growth rate, indicating a robust economic rebound.

Factors such as increased consumer spending and investment in infrastructure played a crucial role.

Q3 2023: 15.0%
Continued upward momentum, driven by strong export performance and a booming technology sector.

Government policies aimed at stimulating economic activity contributed positively.

Q1 2024: 20.0%
The economy reached an impressive growth rate, suggesting sustained demand and productivity improvements.

Innovations in key industries, particularly in renewable energy and digital services, were pivotal.

Q3 2024: Projected at 25.0%
This projection indicates an optimistic outlook for the economy, assuming current trends continue.

Anticipated advancements in technology and further investments in human capital are expected to fuel this growth.

The GDP growth rates from Q3 2022 to Q1 2024 demonstrate a remarkable recovery and expansion of the economy.

The projections for Q3 2024 suggest continued optimism, contingent upon maintaining current economic policies and fostering innovation across various sectors.