Nigeria’s economy recorded a growth rate of 3.46% in the third quarter of 2024, according to data released by the National Bureau of Statistics (NBS). This marks a notable improvement compared to the 2.99% growth recorded in the same quarter last year, reflecting a sustained recovery in key sectors of the economy.
The growth was primarily driven by strong performances in the non-oil sector, which expanded by 4.21%. Agriculture, manufacturing, and telecommunications contributed significantly, bolstered by government policies aimed at diversifying the economy.
The agricultural sector, which remains the largest contributor to GDP, grew by 3.9%, supported by favorable weather conditions and increased investment in mechanized farming. The manufacturing sector also posted a robust growth rate of 5.2%, benefiting from improvements in power supply and access to credit.

Telecommunications, a consistent growth driver, expanded by 8.4%, underpinned by rising internet penetration and the adoption of digital services across various industries.
Conversely, the oil sector, which accounts for a smaller but strategic portion of the economy, contracted by 2.7% due to ongoing production challenges, including pipeline vandalism and operational inefficiencies. Crude oil production averaged 1.36 million barrels per day (mbpd) during the quarter, down from 1.41 mbpd in the previous quarter.
Economists have lauded the positive GDP growth but cautioned that significant challenges persist. Rising inflation, high unemployment, and foreign exchange shortages continue to weigh on household purchasing power and business operations.
Dr. Funmi Adeyemi, an economic analyst, highlighted the importance of sustaining reforms to ensure inclusive growth. “While the numbers are encouraging, the government must address structural issues such as insecurity, infrastructure deficits, and regulatory bottlenecks to maintain momentum,” she said.
The government has attributed the improved GDP performance to its policy focus on boosting local production, reducing import dependency, and creating a conducive environment for private sector growth. Programs like the agricultural transformation agenda and initiatives to attract investment in manufacturing and technology have been cited as key drivers of the growth trajectory.
Looking ahead, analysts predict continued growth in the fourth quarter, driven by seasonal increases in consumer spending during the holiday period. However, risks such as fluctuating global oil prices and potential fiscal constraints could temper the pace of expansion.
The 3.46% growth in Q3 signals progress in Nigeria’s economic recovery, but achieving sustained, inclusive growth will require deepening reforms, enhancing productivity, and tackling systemic challenges that have long hindered the country’s economic potential.
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