Nigeria’s economy grew by 3.46 percent in Q3 2024, with output reaching ₦20.115 trillion, up from 3.19 percent (₦18.285 trillion) in Q2 2024. The growth was primarily driven by the non-oil sector, according to the Central Bank of Nigeria’s (CBN) Economic Report for the third quarter of 2024.
The report highlighted that inflation moderated during the quarter, reflecting a decline in the food component of the Consumer Price Index and the impact of restrictive monetary policies. Domestic crude oil production also increased due to improved security measures around pipeline infrastructure in the Niger Delta.
Also Read: Nigeria’s Economy Contracts for Second Straight Month, CBN Report Reveals
The 3.46 percent growth in Q3 marked the third consecutive expansion in 2024, surpassing the 3.19 per cent recorded in Q2 and 2.54 percent in the corresponding quarter of 2023. Efforts to improve the business environment, streamline processes, and enhance infrastructure were credited for the economic performance.
The report also noted robust growth in the services sector, particularly in finance and insurance, supported by the ongoing 24-month recapitalisation programme for banks based on their licence category and authorisation.
Leave feedback about this
You must be logged in to post a comment.