Nigeria’s economy grew in Q3 2024, says CBN

Nigeria’s economy grew in Q3 2024, says CBN

By Fly Cable News

The economy grew by 3.46 per cent in Q3 2024, with output reaching ₦20.115 trillion, up from 3.19 per cent (₦18.285 trillion) in Q2 2024, driven mainly by the non-oil sector. This was revealed in the Central Bank of Nigeria’s newly released Economic Report for the third quarter of 2024.

The report said inflation moderated during the quarter, reflecting the fall in the food component of the Consumer Price Index basket, and driven by the restrictive monetary policy stance. Domestic crude oil production increased, following enhanced security measures around oil pipeline infrastructure in the Niger Delta region.

Despite persisting headwinds, CBN said the economy continued to expand in the third quarter of 2024. The growth of 3.46 per cent recorded in Q32024, represented the third consecutive expansion year-to-date surpassing the 3.19 per cent and 2.54 per cent recorded in Q22024 and corresponding quarter of 2023, respectively.

Growth was on account of continued efforts to improve the business environment, streamline cumbersome business processes and deepen the quality of business infrastructure. The 24-month window period opened for the banking sector re-capitalisation (according to their license category and authorisation) supported the robust growth in the services sector, particularly, the finance and insurance sub-sector, the report explained.