Nigeria’s economy grew by 3.46% in the third quarter of 2024, driven mainly by the non-oil sector, according to the Central Bank of Nigeria’s (CBN) latest economic report.
This growth rate surpasses the 3.19% and 2.54% recorded in Q2 2024 and Q3 2023, respectively.
The non-oil sector grew by 3.37% in Q3 2024, contributing 3.18 percentage points to the total growth. This expansion was driven by the performance of the financial and insurance, information and communication, crop production, trade, transportation and storage, and real estate sub-sectors.
The services sector, which accounts for 53.58% of the country’s GDP, expanded by 5.19% in Q3 2024, up from 3.79% in Q2 2024.
The financial and insurance sub-sector grew by 30.83%, driven by gains from the recapitalization exercise announced by the CBN.
Inflation moderated during the quarter, reflecting a decline in food prices and a restrictive monetary policy stance.
Domestic crude oil production also increased, thanks to enhanced security measures around oil pipeline infrastructure in the Niger Delta region.
The industry sector maintained a positive trajectory, growing by 2.18% in Q3 2024, although at a slower pace than the previous quarter. The agriculture sector grew modestly by 1.14%, driven by favorable weather conditions and increased harvests.
The CBN’s report indicates that Nigeria’s economy continues to expand despite challenges, with the non-oil sector driving growth.
