November 26, 2024/United Capital Research

Nigeria’s Gross Domestic Product (GDP) grew by 3.46% y/y in real terms in Q3-2024. This is higher than the 2.54% y/y recorded in Q3-2023 and higher than Q2-2024 growth of 3.19% y/y. The expansion in Q3-2024 occurred despite persistent challenges in the macroeconomic environment, including sustained global and domestic inflationary pressures, a depreciating Naira, and elevated interest rates.

The strong performance was mainly driven by the services sector, which recorded a growth of 5.19% y/y and contributed 53.58% to the aggregate GDP. The agricultural sector, which accounted for 58.76% of Nigeria’s GDP, grew by 1.14% y/y from the 1.30% y/y growth recorded in Q3-2023. Meanwhile, the industry sector grew by 2.18% y/y in Q3-2024, an improvement from the growth of 0.46% y/y in Q3-2023.  

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