Nigeria’s economy recorded a 3.46% year-on-year growth in Gross Domestic Product (GDP) in Q3 2024, surpassing the 2.54% growth from Q3 2023 and slightly higher than 3.19% in Q2 2024, according to the National Bureau of Statistics.

The growth was powered by the Services sector, which expanded by 5.19%, contributing 53.58% to the GDP. The oil sector rebounded with 5.17% growth, supported by an increase in average daily oil production to 1.47 million barrels per day, up from 1.45 mbpd in Q3 2023. Non-oil activities, including telecommunications, financial institutions, and agriculture, also contributed significantly, with the non-oil sector growing by 3.37% and accounting for 94.43% of GDP.

Nominal GDP for Q3 2024 stood at ₦71.13 trillion, reflecting a 17.26% year-on-year increase from ₦60.66 trillion in Q3 2023, driven by inflation and heightened economic activity.