Nigeria’s GDP Records 3.46% YoY Growth in Q3 2024

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.

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.