Nigeria’s economy grew by 3.46% in Q3 2024, reaching ₦20.115 trillion, driven by the non-oil sector and improved crude oil production, which rose to 1.33 million barrels per day.
The Central Bank of Nigeria (CBN) attributed the growth to a stable business environment, monetary policies that eased inflation, and efforts to boost crude oil output despite falling global prices.
The non-oil sector, led by financial services, ICT, trade, and transport, contributed significantly, growing by 3.37%.
The financial sector saw notable gains from recapitalisation efforts and digital transformation.
Agriculture recorded modest growth, while the services sector remained the largest contributor to GDP, expanding by 5.19%.
The transport sector rebounded strongly due to improved road conditions and infrastructure investments.
The CBN emphasised ongoing reforms to sustain economic expansion despite global and local challenges.