Nigeria’s economy has shown resilience, growing by 3.46% in the third quarter of 2024, according to the Central Bank of Nigeria’s latest report. This growth is attributed to the non-oil sector, particularly transportation and crop production, which have been the driving forces behind the expansion.
The country’s output has reached N20.115 trillion, a significant increase from the N18.285 trillion recorded in Q2 2024, which saw a growth rate of 3.19%. This development is a testament to the economy’s ability to withstand challenges and continue on a positive trajectory.
Key Highlights of the Report:
Inflation Moderation_: Inflation has slowed down due to a decrease in food prices and the restrictive monetary policy stance.
Increased Oil Production_: Domestic crude oil production has risen following improved security measures around oil pipeline infrastructure in the Niger Delta region.
Consecutive Growth_: The 3.46% growth in Q3 2024 marks the third consecutive expansion year-to-date, surpassing the growth rates of 3.19% and 2.54% in Q2 2024 and the corresponding quarter of 2023, respectively.
The report’s findings indicate that Nigeria’s economy is making progress, despite persisting challenges. As the country continues to navigate its economic journey, it is essential to build on this momentum and address the underlying issues to ensure sustained growth and development.
