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The Statistician General of the Federation, Adeyemi Adeniran, says Nigeria’s Gross Domestic Product, GDP, growth rate in real terms (constant price) rose by 3.46 percent in the third quarter (Q3) of 2024 on a year-on-year basis.

Adeniran made this known in a statement on Monday, saying the growth is 0.92 percentage points higher than the rate recorded in Q3 2023 (2.54%).

He added that the growth in the quarter was higher by 0.27 percentage points relative to the 3.19 percent recorded in the second quarter (Q2) of 2024.

“This reflects a higher growth rate when compared to the corresponding quarter (Q3 2023) and the preceding quarter (Q2 2024).

“The major driver of the economy is the Services sector, which recorded a growth of 5.19% and contributed 53.58% to the aggregate GDP.

“The economic activity in real terms for Q3 2024 stood at N20.1tr, which is higher than the rates recorded in the preceding Q2 2024 which stood at N18.2tr , and the corresponding quarter Q3 2023 which recorded N19.4tr,” Adeniran said.

According to him, nominal terms (current price), aggregate GDP stood at N71.1tr in Q3 2024, indicating a year-on-year nominal growth rate of 17.26 percent compared to the value of NN60.tr recorded in Q3 2023.

“Similarly, the quarter under review is higher than the value of N60.9tr recorded in the preceding quarter (Q2 2024).

“The major contributing economic activities in real terms in the quarter under review (i.e., Q3 2024) are Crop Production 26.51%, Trade 14.78%, Telecommunication 13.94%, Crude petroleum 5.57% and Real Estate 5.43%.

On a broad classification of the economic activities into Agriculture, Industry, and Services sectors based on growth. The Agricultural Sector grew by 1.14% in Q3 2024 in real terms, which is less than Q3 2023 which recorded 1.30%.

“The industry grew by 2.18% in Q3 2024, which shows improvement compared to the figure recorded in Q3 2023 (0.46%). While the Services sector grew by 5.19% higher than 3.99% recorded in Q3 2023,” he added.

The statistician general further said that the economic performance of the non-oil sector in Q3 2024 is attributed to the growth recorded in some economic activities, like crop production in the agriculture sector, trade, telecommunication, and real estate in the services sector.

Study commissioned by ActionAid Nigeria has revealed that the country’s external debt stock increased by 410.9 per cent between 2012 and 2020, with the highest year-on-year growth recorded in 2017 at 65.82 per cent, followed by 35.16 per cent growth in 2013 and 33.63 per cent in 2018.

“The states and FCT external debt stock calculated in USD grew by 29.5 per cent, while the calculation in naira produced 136.7 per cent growth. The external debt component had risen to 31.82 per cent of overall debt as at end of 2018, while the domestic debt was 68.18 per cent of overall debt. Furthermore, Nigeria’s debt to GDP has been growing over the years and stood at 19 per cent by end 2018.”

Onyekpere said the Central Bank of Nigeria (CBN) and banks are heavily exposed to these domestic instruments up to 45.2 per cent of overall and the non-bank public is mainly about Pension Fund Administrators, Asset and Fund Managers, as well as Insurance companies hold the remaining part.

“The current debt to retained revenue profile of about 83 per cent is not sustainable. The drive to raise new domestic revenue is a struggle of the generation and it should attract the energy, vision and vigour of both government and citizens. The major driver should be a commitment to expand available resources, rather than the current clamour for sections of the country to have more of the stagnant pool of available resources. Debt can be reduced if we generate more revenue.”

GDP

Nigeria’s GDP rose by 3.46% in third quarter of 2024 – NBS

Nigeria’s external debt grows by 411% in 8 years — ActionAid

Study commissioned by ActionAid Nigeria has revealed that the country’s external debt stock increased by 410.9 per cent between 2012 and 2020, with the highest year-on-year growth recorded in 2017 at 65.82 per cent, followed by 35.16 per cent growth in 2013 and 33.63 per cent in 2018.