Nigeria’s economy grew 3.46% year on year in Q3, 2024, quicker than in the first two quarters of this year, according to statistics from the statistician General’s office released on Monday.
This year-on-year GDP growth rate represents a 0.92 percentage point increase from what it was in Q3 2023 (2.54%). Similarly, the Quarterly growth 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).
However, despite the pickup in economic growth, from 3.19% in the second quarter and 2.98% in the first, the growth rate is still short of the 6% target set by President Bola Tinubu when he took office last year.
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.
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.
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