Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms in the third quarter (Q3) of 2024.
The latest GDP report, published by the National Bureau of Statistics (NBS) on Monday, highlights an economic resurgence that outpaces previous growth rates.
According to the NBS, this Q3 growth represents an increase from the 3.19% recorded in the second quarter (Q2) of 2024 and a substantial leap from the 2.54% growth rate recorded in the third quarter of 2023.
“In the quarter under review, aggregate GDP at basic price stood at N71.13 trillion in nominal terms,” the report stated.
This is a notable 17.26% year-on-year growth when compared to the N60.66 trillion recorded in Q3 2023.
The administration’s emphasis on fiscal discipline, investment in critical infrastructure, and enhanced support for key sectors of the economy has been instrumental in driving this upward trend.
Policies aimed at improving local production, fostering foreign investment, and stabilizing the exchange rate have further bolstered economic performance.
The robust GDP growth underscores the resilience of Nigeria’s economy amidst global uncertainties.
Analysts have attributed this success to strategic interventions by the government, including initiatives aimed at diversifying the economy and supporting micro, small, and medium enterprises (MSMEs).
Chinedum Anayo