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Research Document: NESG 2024Q3 GDP ALERT


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Posted Thu, Nov 28, 2024 8:00 PM

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The Nigerian economy grew faster by 3.5 percent in 2024Q3, compared with the growth of 2.5 percent and 3.2 percent recorded in 2023Q3 and 2024Q2, respectively. The country posted a cumulative growth of 3.2 percent in the first three quarters of 2024, higher than 2.5 percent in the corresponding period of 2023. On a quarterly basis, the economy expanded significantly by 10.0 percent in 2024Q3 compared with a marginal growth of 0.04 percent in 2024Q2. The oil and non-oil sectors contributed to the overall growth but showed mixed performances. Growth in the non-oil sector improved to 3.4 percent in 2024Q3 from 2.8 percent in 2024Q2. However, the oil sector slowed to 5.2 percent in 2024Q3 from 10.2 percent in 2024Q2.

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All text, graphics, audio files, code, downloadable material, and other works on this web site are the copyrighted works of the Nigerian Economic Summit Group (NESG).