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Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

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

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

The bureau said the growth rate is also higher than the 2.54 percent recorded in the third quarter of 2023.

According to the report, the performance of the GDP in the period reviewed was driven mainly by the services sector, which recorded a growth rate of 5.19 percent and contributed 53.58 percent to the aggregate 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.”

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The NBS also said the nominal GDP was N71.13 trillion in Q3 2024.

Nominal GDP and real GDP both quantify the total value of all 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 said.

‘OIL PRODUCTION ROSE TO 1.47M BARRELS IN Q3 2024’
In the report, the data bureau said the country recorded an average oil production of 1.47 million barrels per day (mbpd) in the third quarter of the year.

According to the bureau, this is “0.07million bpd higher” than the second quarter production volume of 1.41mbpd and “0.02mbd higher than the daily average production of 1.45mbpd 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% points relative to the rate recorded in the corresponding quarter of 2023 (-0.85%), the NBS said.

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“Growth decreased by 4.98% 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 — higher by 0.62 percent compared to the rate recorded in the same quarter of 2023 which was 2.75 percent, NBS said.

The bureau also said the contribution was higher by 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 recorded as 94.30%,” NBS added.

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

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ADC rejects court judgment invalidating Atiku’s candidacy

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The African Democratic Congress (ADC) has rejected Thursday’s court judgment that nullified the candidacy of its standard-bearer for the 2027 elections, Atiku Abubakar. 

Earlier in the day, a federal high court in Abuja nullified the David Mark-led
ADC, and invalidated all decisions made by the party’s caretaker committee, including Abubakar’s nomination as the party’s presidential candidate for the 2027 elections.

The presiding judge, Justice Peter Lifu
declared the Mark-led caretaker committee illegal and ruled in favour of Nafiu Bala Gombe, a former national deputy chairman (north-east) of the party.

Bala had approached the court to challenge the process by which Mark and other members of the caretaker committee assumed control of the party after Ralph Nwosu, the former national chairman, resigned.

But in a statement, Bolaji Abdullahi, ADC spokesperson, described the verdict as a “desperate attempt to cripple the opposition and deny Nigerians the right to choose their leaders in the forthcoming general elections”.

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He said the judgment’s timing, barely 24 hours after the “massive turnout” at the ADC presidential campaign rally in Sokoto, “exposes the growing desperation of the ruling All Progressives Congress (APC)”.

“We have reasons to believe that the judgment had long been written on this case. The Sokoto rally was simply a trigger that stampeded its delivery,” the statement reads.

“Yesterday, Nigerians came out in their hundreds of thousands to demonstrate their support for the ADC and our promise of making life affordable for them. Today, they are being told that the party that they support and the candidates that they have supported at all levels could be erased by the stroke of a reckless judicial pen.

“Do these people understand what they are playing with? This is not about Atiku Abubakar or David Mark. It is about the democratic rights of Nigerians to freely choose their own leaders. It is about the rights of thousands of candidates to participate in a democratic process.”

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Abdullahi said the judgment is legally indefensible and would be challenged through every available judicial process.

“We have seen this script before. When they are scared that the opposition is gathering steam, they use their judges in the courts to influence legally indefensible judgments. But the millions of Nigerians that are hungry and waiting for them at the ballot box see right through them and will not sit down in silence while our democracy is taken away by the courts,” he said.

“We warn the APC: do not play with fires you cannot control. The peace and stability of Nigeria are bigger than the ambition of any president or political party. Nobody should be so desperate to retain power that they are prepared to put the entire country at risk. This is not the time to play silly games with the stability of this country.

“Nigeria belongs to Nigerians, not to the APC. The presidency is not an inheritance. If the President thinks he has performed well in office, why is he afraid of competition? If the APC thinks that its policies and candidates are popular, why don’t they subject themselves to free and fair elections?”

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Abdullahi urged ADC members to remain calm and law-abiding while the party pursues all legal means to overturn the judgment.


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UPDATED: Court sacks Mark-led ADC leadership, nullifies Atiku’s 2027 presidential nomination

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A federal high court in Abuja has sacked the leadership of the African Democratic Congress (ADC) led by David Mark.

In a judgment delivered on Thursday, Justice Peter Lifu, the presiding judge, declared the Mark-led caretaker committee illegal, ruling in favour of Nafiu Bala Gombe, a former national deputy chairman (north-east) of the party.

Justice Lifu also invalidated all decisions taken by the party’s caretaker committee, including the nomination of Atiku Abubakar as the ADC presidential candidate for the 2027 election.

It would be recalled that Bala approached the court to challenge the process by which Mark and other members of the caretaker committee assumed control of the party after Ralph Nwosu, the former national chairman, resigned.

According to him, following Nwosu’s resignation, he was constitutionally entitled to assume the party’s leadership.

He therefore asked the court to nullify all decisions taken by the Mark-led leadership and restrain Mark and Rauf Aregbesola from parading themselves as the party’s national chairman and national secretary, respectively.

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He argued that their emergence violated the ADC constitution and provisions of the Electoral Act.

The suit, marked FHC/ABJ/CS/1819/2025, listed the ADC, Independent National Electoral Commission (INEC), Mark, Aregbesola and Nwosu as defendants.

In his judgment, Lifu upheld Bala’s claims and granted the reliefs sought, effectively invalidating the actions of the caretaker committee, including the process that produced Atiku as the party’s presidential candidate.

INEC had earlier published Atiku’s name as the ADC’s candidate for the January 16, 2027 presidential election. The former vice-president has also picked Rotimi Amaechi, former governor of Rivers, as his running mate.

Reacting to the ruling, Nkemakolam Ukandu, the ADC national welfare secretary, said the party would challenge the judgment at the appellate court.

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JUST IN: Court sacks Mark-led ADC leadership, invalidates Atiku’s 2027 presidential nomination

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A federal high court in Abuja has sacked the leadership of the African Democratic Congress (ADC) led by David Mark.

In a judgment delivered on Thursday, Justice Peter Lifu, the presiding judge, declared the Mark-led caretaker committee illegal, ruling in favour of Nafiu Bala Gombe, a former national deputy chairman (north-east) of the party.

Lifu also invalidated all decisions taken by the party’s caretaker committee, including the nomination of Atiku Abubakar as the ADC presidential candidate for the 2027 election.

Details later…

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