Nigeria's Gross Domestic Product (GDP) has seen a significant growth of 3.46% in the third quarter of 2024, compared to 3.19% in the previous quarter, according to the National Bureau of Statistics (NBS). This growth rate is also higher than the GDP performance in the same period last year.

The services sector, which accounted for 53.58% of the total GDP, grew by 5.19%. The agriculture sector, which expanded by 1.30% in the third quarter of 2023, increased by 1.14%. However, it was the transport and financial sectors that stole the show, with impressive growth rates that underscore their potential to drive the economy towards sustainability and diversification.

The top 10 sectors with the highest growth in GDP contribution in Q3 2024, as reported by the NBS, are transport services (86.28%), water transport (77.77%), financial institutions (75.99%), financials and insurance (74.54%), quarrying and other minerals (73.71%), rail transport and pipelines (63.01%), coal mining (62.43%), arts, entertainment, and recreation (61.07%), insurance (59.84%), and broadcasting (57.33%).

These growth rates are particularly notable given Nigeria's challenges with unemployment, inflation, and volatile oil prices. The country, which is the largest economy in Africa in terms of GDP, has been working to diversify its economy and reduce its dependence on oil exports. The strong performances in the transport and financial sectors suggest that these efforts may be bearing fruit.

The growth in the transport sector is likely driven by investments in infrastructure, such as roads, railways, and ports, which have improved the efficiency and connectivity of the sector. The financial sector's growth, on the other hand, may be attributed to the increasing adoption of digital payment systems and the growth of fintech companies in Nigeria.

Despite these positive developments, Nigeria still faces significant economic challenges, including high levels of unemployment and poverty. The government will need to continue to implement policies that support economic growth and diversification, while also addressing these pressing social issues.

In conclusion, Nigeria's GDP growth in Q3 2024 is a positive sign for the country's economy, driven by the strong performances in the transport and financial sectors. As the country continues to work towards diversification and sustainability, these sectors are likely to play an increasingly important role in driving economic growth and development.