Nigeria's economy recorded a significant milestone in Q3 2024, with Gross Domestic Product (GDP) growing by 3.46% year-on-year in real terms, according to data by the National Bureau of Statistics (NBS). This reveals an improvement from the 2.54% growth seen in Q3 2023 and the 3.19% growth recorded in Q2 2024, showcasing a steady upward trajectory despite economic headwinds.
The growth was largely driven by the Services sector, which expanded by 5.19%, contributing 53.58% of the total GDP and solidifying its position as a key driver of the economy. Meanwhile, the Industry sector grew by 2.18%, rebounding strongly from 0.46% in Q3 2023, while the Agriculture sector witnessed modest growth of 1.14%, slightly below its 1.30% performance in the same period last year. The non-oil sector also displayed strength, growing by 3.37% compared to 2.75% in Q3 2023.
While these figures signal positive progress and the potential for greater diversification, the challenge remains in translating this growth into tangible improvements in the quality of life for Nigerians. Sustained economic expansion should focus on job creation, poverty alleviation, and curbing structural challenges to the benefit of the citizenry.
The question, however, is how can this growth be leveraged to deliver meaningful and lasting change for the people?
Nigeria has a very low revenue to GDP ratio
Thoughts?
We won't share your email address. All fields are required.
