Nigeria’s Economy Grows by 3.46% in Q3

Nigeria’s Economy Grows by 3.46% in Q3

Nigeria’s economy grew by 3.46% year on year in the third quarter of 2024, the statistics office said in a new report. According to a report released by the National Bureau of Statistics, Q3 growth is 0.27% higher than 3.19% recorded in the second quarter of 2024.

Also, the latest growth rate surpasses reported growth of 2.54% in Q3-2023 by 0.92%. The growth outturn is 50bps and 60bps higher than Cordros’ and Bloomberg’s median consensus estimates, respectively.

Based on the GDP breakdown provided, the oil sector grew by 5.17% year on year in Q3-2024 as against .085% slowdown in Q3-2023.  In the second quarter of the year, oil sector has surged by +10.15% year on year.

According to the NBS, crude oil production averaged 1.47 million barrels per day in Q3-2024. The review of the figure showed that the production output was 4.3% higher than in Q2-2024, when output was 1.41 million barrels per day.

As a result, the oil sector contributed 5.57% to the total GDP, representing an improvement when compared with a 5.70% contribution in the prior period.

At the same time, the non-oil sector expanded by 3.37% year on year in Q3-2024 versus +2.80% in Q2-2024. Thus, the non-oil sector contributed 94.43% to the total GDP, up from 94.30% in Q2-2024.

Analyzing the GDP on a sectoral basis: Agriculture slowed to 1.14% year on year from 1.41% three months earlier; Industries moderated to 2.18% year on year compared to a growth of 3.53% in Q2; while Services grew by 5.19%, up from 3.79% in Q2

In terms of contribution, services, agriculture, and industries, respectively, accounted for 53.58%, 28.65%, and 17.77% of overall output growth. #Nigeria’s Economy Grows by 3.46% in Q3 GCR Revises Outlook on MyCredit to Stable, Affirms Rating