The Nigerian Mining contributed 5.63% to Nigeria’s GDP in Q3 2024, highlighting its crucial role in the country’s natural resource economy. This figure represents a slight drop from the 5.64% recorded in Q3 2023 and the 5.83% observed in Q2 2024. The sector’s performance underscores the importance of improved governance, investment in mining infrastructure, and stricter regulatory enforcement to unlock its full potential and boost economic growth.
Nigeria’s economy expanded by 3.46% in real terms in the third quarter (Q3) of 2024, surpassing the 2.54% growth recorded in the same period of 2023. The National Bureau of Statistics (NBS) attributed this growth to the services, agriculture, and industry sectors.
The report revealed that the services sector recorded an annual growth rate of 5.19%, contributing 53.58% to the aggregate Gross Domestic Product (GDP).
Key Sector Contributions to GDP Growth in Q3 2024:
Agriculture
Agriculture made the largest contribution to GDP growth in Q3 2024, accounting for 28.65% of the total GDP in real terms. While this is lower than its 29.31% contribution in Q3 2023, it marks an increase from the 22.61% recorded in Q2 2024.
Information and Communication
The Information and Communication sector contributed 16.35% to GDP in real terms during Q3 2024. This figure is higher than the 15.97% recorded in Q3 2023 but lower than the 19.78% contribution in Q2 2024.
Mining and Quarrying
The Mining and Quarrying sector contributed 5.63% to real GDP in Q3 2024. This is slightly below the 5.64% recorded in Q3 2023 and the 5.83% recorded in Q2 2024. Despite its small contribution, the sector remains vital for Nigeria’s natural resource-driven economy. Strengthening governance and ensuring transparency could unlock greater potential in this area.
Trade
The Trade sector accounted for 14.78% of GDP in Q3 2024, a decrease from 15.19% in Q3 2023 and 16.39% in Q2 2024.
Manufacturing
Manufacturing contributed 8.21% to GDP in Q3 2024, falling slightly from 8.42% in Q3 2023 and 8.46% in Q2 2024.
Finance and Insurance
The Finance and Insurance sector contributed 5.51% to real GDP, improving on the 4.36% recorded in Q3 2023 but slightly lower than the 6.57% recorded in Q2 2024.
Real Estate
Real Estate contributed 5.43% to GDP in Q3 2024, a decrease from 5.58% in Q3 2023 and slightly below 5.17% in Q2 2024.
Construction
The Construction sector contributed 3.35% to GDP in Q3 2024. This is marginally lower than 3.36% in Q3 2023 but higher than 3.17% in Q2 2024.
Professional, Scientific, and Technical Services
This sector contributed 3.15% to GDP in Q3 2024, slightly below 3.22% in Q3 2023 but an improvement from 3% in Q2 2024.
Public Administration
Public Administration contributed 2.02% to GDP in Q3 2024, marginally lower than 2.04% in Q3 2023 and 2.14% in Q2 2024.
The growth in these sectors reflects the economy’s resilience and highlights the importance of diversifying and strengthening strategic industries such as mining, agriculture, and information technology for sustained development.