Nigeria's economy has shown significant growth in the third quarter of 2024, outperforming its previous performance. According to the National Bureau of Statistics (NBS), the country's Gross Domestic Product (GDP) grew by 3.46% in real terms, year-on-year, compared to the previous quarter's 3.19%. This growth is also marginally higher than the GDP performance recorded during the same period last year.

The services sector was a major contributor to this growth, generating 53.58% of the total GDP and seeing a growth rate of 5.19%. The agriculture sector also showed an increase, growing by 1.14% compared to the 1.30% growth in the third quarter of 2023. The industry sector grew by 2.18%, better than the 0.46% increase recorded in the third quarter of 2023.

In nominal terms, the aggregate GDP stood at N71,131,091.07 million, indicating a year-on-year nominal growth of 17.26%. This performance is higher than the third quarter of 2023, which recorded an aggregate GDP of N60,658,600.37 million.

The Nigerian economy has been broadly classified into the oil and non-oil sectors. In the third quarter of 2024, the West African economic giant recorded an average daily oil production of 1.47 million barrels per day (mbpd), which was 0.02 mbpd higher than the daily average production of 1.45 mbpd recorded in the same quarter of 2023 and 0.07 mbpd higher than the second quarter of 2024 production volume of 1.41 mbpd.

The real growth of the oil sector was 5.17% (year-on-year) in Q3 2024, indicating an increase of 6.02% points relative to the rate recorded in the corresponding quarter of 2023 (-0.85%). Growth decreased by 4.98% points when compared to Q2 2024, which was 10.15%. On a quarter-on-quarter basis, the oil sector recorded a growth rate of 7.39% in Q3 2024.

In real terms, Nigeria's non-oil industry grew by 3.37% compared to the 3rd quarter of 2024. This rate was higher than the 2.80% recorded in the second quarter of 2024 and by 0.62% points higher than the rate of 2.75% recorded in the same quarter of 2023. The non-oil sector contributed 94.43% to the nation's GDP in the third quarter of 2024, lower than the share recorded in the third quarter of 2023, which was 94.52%, and higher than the second quarter of 2024 recorded as 94.30%.

This positive trend in Nigeria's economy is a promising sign for the country's future growth and development. As the largest economy in West Africa, Nigeria's economic performance has a significant impact on the region's overall economic landscape. This growth is expected to have a positive ripple effect on the country's industries, businesses, and citizens, and could potentially attract more foreign investment and boost economic cooperation with other countries.

It is essential to note that this growth is not without its challenges. Nigeria still faces significant economic hurdles, including high production costs, global crude price volatility, and infrastructure deficits. However, this growth indicates that the country is moving in the right direction, and with sustained efforts, Nigeria can overcome these challenges and achieve sustainable economic growth.

In conclusion, Nigeria's economy has shown notable growth in the third quarter of 2024, driven by the services sector and non-oil industry. This growth is a promising sign for the country's future economic prospects and has significant implications for the region's economic landscape. As Nigeria continues to navigate its economic challenges, this growth serves as a positive indicator of the country's potential for sustained economic growth and development.