Nigeria’s economy grew by 3.46% in the third quarter of 2024, according to the National Bureau of Statistics (NBS). The latest figure marks an improvement from the 3.19% recorded in the previous quarter and significantly outpaces the 2.54% growth seen in the same period last year.
The NBS attributed this performance to the services sector, which expanded by 5.19% and contributed 53.58% to the country’s aggregate GDP. This underscores the sector’s role as the backbone of Nigeria’s economic recovery and growth.
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In nominal terms, the GDP for Q3 2024 stood at N71.13 trillion, reflecting the total market value of all goods and services produced in the economy before adjustments for inflation.
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