The National Bureau of Statistics (NBS) reports that Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

In its GDP report published on Monday, the NBS noted that this growth rate is higher than the 3.19 percent recorded in Q2 2024.

The bureau also highlighted that the growth rate surpassed the 2.54 percent recorded in the third quarter of 2023.

According to the report, the performance of the GDP during the reviewed period was primarily driven by the services sector, which recorded a growth rate of 5.19 percent and contributed 53.58 percent to the total GDP.

“The agriculture sector grew by 1.14%, from the growth of 1.30% recorded in the third quarter of 2023,” the statistics firm said.

“The growth of the industry sector was 2.18%, an improvement from 0.46% recorded in the third quarter of 2023.”

“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023.”

The NBS also reported that the nominal GDP reached N71.13 trillion in Q3 2024.

Nominal GDP and real GDP both measure the total value of goods produced in a country in a year. However, while real GDP is adjusted for inflation, nominal GDP is not.

“This performance is higher when compared to the third quarter of 2023 which recorded aggregate GDP of N60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%,” the bureau stated.

‘OIL PRODUCTION ROSE TO 1.47M BARRELS IN Q3 2024’

The report also revealed that the country recorded an average oil production of 1.47 million barrels per day (mbpd) in Q3 2024.

According to the NBS, this is “0.07 million bpd higher” than the production volume of 1.41 mbpd in Q2 2024 and “0.02 mbpd higher than the daily average production of 1.45 mbpd recorded in the same quarter of 2023.”

“The real growth of the oil sector was 5.17% (year-on-year) in Q3 2024, indicating an increase of 6.02 percentage points relative to the rate recorded in the corresponding quarter of 2023 (-0.85%),” the NBS said.

“Growth decreased by 4.98 percentage 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.”

“The oil sector contributed 5.57% to the total real GDP in Q3 2024, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.48% and 5.70% respectively.”

‘NON-OIL SECTOR CONTRIBUTED 94.4% TO Q3 GDP RATE GROWTH’

The non-oil sector grew by 3.37 percent in real terms in Q3 2024, which is 0.62 percent higher than the rate of 2.75 percent recorded in the same quarter of 2023, according to the NBS.

The bureau also pointed out that this growth was higher than the 2.8 percent recorded in the second quarter of 2024.

“In real terms, 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, which was 94.30%,” the NBS added.

The non-oil sector, which includes information and communication (telecommunication), trade, agriculture (crop production), financial and insurance (financial institutions), manufacturing (food, beverage, and tobacco), real estate and construction, made positive contributions to the country’s GDP growth.

The National Bureau of Statistics (NBS) reports that Nigeria’s unemployment rate stood at 4.3 percent in the second quarter (Q2) of 2024.

In a report released on Monday, the NBS highlighted that the unemployment rate had decreased from the 5.3 percent recorded in Q1 2024.

The NBS defined the unemployment rate as the proportion of the labour force (the total of unemployed and employed individuals) who are not employed but are actively seeking work and available for employment.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report states.

“The unemployment rate among males was 3.4% and 5.1% among females.”

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

According to the report, the unemployment rate among individuals with post-secondary education was 4.8 percent, 8.5 percent among those with upper secondary education, 5.8 percent for those with lower secondary education, and 2.8 percent among those with primary education in Q2 2024.

‘EMPLOYMENT RATE INCREASED TO 76.1%’

The report also showed that the employment-to-population ratio, which compares the number of employed individuals to the total working-age population, increased to 76.1 percent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report notes.

“Disaggregating by sex, the employment-to-population ratio was 77.2% for males and 75% for females in Q2 2024.”

“Additionally, the employment-to-population ratio in urban areas was 73.2% and 80.8% in rural areas in Q2 2024.”

“This represents an increase in the ratio compared to 69.5% and 78.9% in Q1 2023, respectively.”

‘SELF-EMPLOYMENT INCREASED TO 85.6%’

The report further reveals a significant shift in Nigeria’s labour market, as the proportion of self-employed individuals rose in Q2 2024.

“The proportion of persons in self-employment in Q2 2024 was 85.6%,” the report indicates.

“Survey findings show a decrease in the share of employed individuals primarily engaged as employees, from 16.0% in Q1 2023 to 14.4% in Q2 2024.”

“The self-employment rate among females was 88.3%, while for males it was 82.2%.”

“Disaggregating by place of residence, the rate of self-employed individuals in rural areas was 94.3% and 79.7% in urban areas.”

On November 24th, 2024, the Best of Nollywood (BON) Awards organized a captivating book reading of Do As You’re Told, Baji, authored by the renowned writer Lola Shoneyin. The event, held at 11 a.m. in Kwara State, celebrated the power of storytelling and the importance of fostering a culture of reading among families.

Among the distinguished attendees were the First Lady of Kwara State, Ambassador Olufolake AbdulRazaq, alongside notable figures such as Wole Ojo, Cynthia Clarke, Chioma Okafor, Segun Arinze, and Kemi Adekomi, who added prestige and insight to the event.

In her remarks, Ambassador Olufolake AbdulRazaq highlighted the vital role of parents in fostering a love for reading among children. “Parents should cultivate the habit of reading with their children,” she said. “It’s not just about education—it’s about creating lasting memories and strengthening family bonds.”

The reading of Do As You’re Told, Baji showcased Lola Shoneyin’s vibrant and relatable storytelling, leaving participants inspired to embrace literature as a means of cultural and personal enrichment. The event also featured engaging discussions about the book’s themes, celebrating the depth and diversity of Nigerian literature.

This initiative reinforces the BON Awards’ dedication to promoting the arts, literacy, and the celebration of Nigerian creative talents.