Nigeria’s economy has shown resilience with a 3.46% growth in its Gross Domestic Product (GDP) in the third quarter of 2024, surpassing the 3.19% growth recorded in the second quarter.
This positive trend indicates a steady recovery, with the services sector driving growth at 5.19% and contributing 53.58% to the aggregate GDP.
The National Bureau of Statistics (NBS) attributed this growth to the services sector, which has consistently been the main driver of Nigeria’s economy.
The sector’s strong performance is a testament to the government’s efforts to diversify the economy and promote non-oil sectors.
According to Mr. Adeyemi Adedeji, Statistician General of the Federation, in a statement on Monday, the growth rate is also higher than the 2.54% recorded in Q3 2023, demonstrating a significant improvement in economic activity.
In terms of overall economic activity, Nigeria’s GDP stood at N20,115,766.93 million in real terms for Q3 2024, exceeding the N18,285,019.24 million recorded in Q2 2024 and N19,442,281.18 million in Q3 2023.
This upward trajectory suggests that Nigeria’s economy is on the path to sustained growth, driven by the services sector and other non-oil industries.
More to follow…
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