Business
Nigeria’s GDP rate increases by 3.46% in Q3 2024 – NBS

Nigeria’s Gross Domestic Product (GDP), the measure of a country’s economic health, grew by 3.46% (year-on-year) in real terms in the third quarter of 2024, the NBS reports.
This growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher than the 3.19% recorded in the second quarter of 2024, according to a statement issued on Monday by the National Bureau of Statistics (NBS).
The statement said the performance of the GDP in the third quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 5.19% and contributed 53.58% 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 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.
In the quarter under review, aggregate GDP at basic price stood at N71 trillion in nominal terms. This performance is higher when compared to the third quarter of 2023 which recorded aggregate GDP of N60.6 trillion, indicating a year-on-year nominal growth of 17.26%.
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%).
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.
The non-oil sector grew by 3.37% in real terms during the reference quarter (Q3 2024). This rate was higher by 0.62% points compared to the rate recorded in the same quarter of 2023 which was 2.75% and higher than the 2.80% recorded in the second quarter of 2024. This sector was driven in the third quarter of 2024 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop production); Transportation and Storage (Road Transport); Trade; and Construction, accounting for positive GDP growth.
In real terms, the non-oil sector contributed 94.43% to the nation’s GDP in the third quarter of 2024, higher than the Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the third quarter of 2024. This growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19%. The performance of the GDP in the third quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 5.19% and contributed 53.58% 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 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. In the quarter under review, aggregate GDP at the basic price stood at N71,131,091.07 million in nominal terms. 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%. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors (Pages 5 & 6).
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%). 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.
Nigeria’s Gross Domestic Product (GDP), the measure of a country’s economic health, grew by 3.46% (year-on-year) in real terms in the third quarter of 2024, the NBS reports in 5% and higher than the 2.80% recorded in the second quarter of 2024. This sector was driven in the third quarter of 2024 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop production); Transportation and Storage (Road Transport); Trade; and Construction, accounting for positive GDP growth. 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 94.20 % recorded inthe second quarter of 20.
Business
Patience Has Limit, Reforms Should Yield Results, Tomori Tells FG

A former Vice Chancellor of Redeemer’s University, Prof Oyewale Tomori, has urged the Federal Government to put in the necessary work for its reforms to produce quick positive results that will assuage the suffering and hardship of ordinary Nigerians.
The eminent virologist was a guest on the Friday edition of Inside Sources with Laolu Akande, a socio-political programme aired on Channels Television.
According to him, Nigerians have been patient enough in the last 22 months since the administration of President Bola Tinubu introduced its twin policies of petrol subsidy removal and unification of the foreign exchange.
Tomori said, “We must not think of the immediate but long term. Where are we going? Where are all these economic policies leading us? Is it going to be better than what we have? If it is, then we need to be patient.
“There are measles spots of the good things they are doing. We must let those things continue and improve on them rather than say this government is not this, this government is not that.
“It is easy to destroy but it takes a long time to rebuild. It is easy to tell Nigerians: ‘Be patient, be patient’. We’ve been patient all along. I hope the government people are also listening that there is a time limit to patience.
“People must begin to see the effect of what you are doing and making a change in their lives, positive changes. When that happens, this government or any government will get the support of the people.
“But when you tell me to be patient when I have black hair and by the time I have grey hairs you are still telling me to be patient, then I will have to say what else am I waiting for?
“There is the need for patience but also there is the need to accelerate certain things so that people can live well.”
The professor urged the government to address the issues of security and electricity and make the environment conducive for people to live and practice what they know.
Tomori challenged state governments to rise to the occasion and be beneficial to the people.
“We should see more from state governments, they should bring the facilities next to the people. They come into Abuja to collect money but nobody monitors what they do with the money,” he said.
“As we are putting pressure on the Federal Government, we should put pressure on the state governments, and get them to do the work.
“I’ve been to different states and nothing has changed. We have flyovers and fly-unders but how is that affecting the people? Look at the problems of the people, put your money there, and solve those problems. That is the relevance we are talking about. State governments are not relevant to their people,” he added.
Business
Crypo market rebounds as bitcoin surges to $82k

The cryptocurrency market is stabilising after a turbulent start to the week, gaining nearly $89 billion and pushing the total market cap to $2.61 trillion.
Bitcoin rebounded above $80,000, with analysts suggesting a breakout past $82,761 could lead to $85,000, supported by strong investor confidence.
In the U.S., Speaker Mike Johnson urged patience, saying, “People need to be patient in waiting to see what President Trump was planning for the economy.”
White House Press Secretary Karoline Leavitt reassured investors, stating, “The recent market volatility was a transitory period, not a trend or a long-term one.”
Earlier in the week, crypto markets saw nearly $1 billion in liquidations as Bitcoin and Ethereum hit monthly lows.
However, stability returned, and in the past 24 hours, total liquidations reached $384.4 million—$138.2 million from long positions and $246.2 million from short positions.
Despite the recovery, analysts remain cautious. While reduced geopolitical risks and trade tensions have helped, inflation data, Federal Reserve policies, and ongoing global uncertainties could still impact markets.
The coming weeks will determine whether the market sustains its gains or faces renewed volatility.
Business
Huawei Trains Nigerian Civil Servants, Harp On Renewable Energy

In a move to support Nigeria’s transition to renewable energy, global technology giant Huawei has collaborated with the Office of the Head of the Civil Service and the Ministry of Power to equip Nigerian civil servants with essential skills in the green energy sector.
The two-day training programme theme “Green Energy and Solar Power Training” held in Abuja, targeted Directors of Engineering Departments across various ministries and agencies, aiming to enhance their knowledge of solar energy technologies and further champion its adoption in Nigeria. Participants were trained in making informed decisions on solar product selection, system maintenance, and ensuring energy efficiency in government operations.
Speaking at the opening of the training, Minister of Power Chief Adebayo Adelabu, represented by Permanent Secretary Alhaji Mahumuda Mamman, highlighted Huawei’s critical role in advancing renewable energy solutions.
“Huawei, as a global leader in technology and innovation, has been instrumental in making solar energy more efficient, scalable, and accessible,” Adelabu stated.
“Their involvement in this programme reflects their commitment not only to technological advancement but also to the education and empowerment of Nigeria’s energy leaders.”
Adelabu expressed confidence that the training would equip participants with valuable skills that would benefit their careers and contribute to Nigeria’s goal of energy independence and sustainability.
“The success of our energy transition depends on collaboration—between government, industry, and the technology sector,” he added.
“By working together, we can develop the infrastructure, policies, and human capital needed to accelerate Nigeria’s shift to a green energy economy.”
In his welcome remarks,Huawei Board Director Jim Zhang underscored the company’s longstanding presence in Nigeria, emphasising its contributions to the country’s digital and energy sectors.
“A lot of people know Huawei for our equipment, headsets, and laptops. However, we also provide digital power solutions, smart photovoltaic (PV) systems, and energy storage solutions (ESS) in Nigeria,” Zhang said.
He noted that Huawei has been in Nigeria for 26 years, operating two headquarters in Lagos and Abuja, alongside a training centre, an operations centre, and an innovation hub.
“We have already supplied nearly 100 megawatts of power through our smart PV and ESS systems in Nigeria,” Zhang revealed.
“We also collaborate with several universities, offering training programmes for students and professionals.”
Zhang reaffirmed Huawei’s commitment to working closely with the Nigerian government and businesses to address electricity challenges and enhance energy efficiency.
Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, represented by Permanent Secretary Dr Danjuma Usman Kalba, commended Huawei’s efforts in training civil servants. She stressed the importance of institutionalising such initiatives to ensure continuous capacity building in the public sector.
“We cannot thank Huawei enough for making itself available and organising this training,” Walson-Jack said.
“We hope this will become a continuous initiative within the civil service.”
She further emphasised the economic and environmental benefits of renewable energy, urging ministries and agencies to align their strategies with global sustainability policies.
“The world is increasingly focusing on climate change and its impact. It is essential that Nigeria aligns with global renewable energy policies,” she said.
“I encourage participants to seize this opportunity to understand solar energy systems, particularly their maintenance and practical applications.”
The 2-day training program features technical sessions tailored to enhance participants knowledge and capabilities in solar power, as well as site visits to Huawei-implemented project sites as part of the effort to equip participants with practical knowledge and drive the nation towards a sustainable and energy-efficient future.