Nigeria’s Gross Domestic Product (GDP) grew by 0.27% in the third quarter (Q3) of 2024, marking a slight recovery from the previous quarter.
The service sector emerged as the primary driver of this growth, with notable contributions from financial services, telecommunications, and transportation.
Financial services led the charge with an impressive growth rate exceeding 30%, underscoring the sector’s resilience and its significant role in driving economic activity.
However, other critical sectors essential for business sustainability, such as agriculture, manufacturing, and construction, grew at much slower rates, averaging just 1%.
Economic analyst Yusuf highlighted the imbalance, noting, “While the financial sector thrives, the slower pace in agriculture and manufacturing is concerning. These real sectors are fundamental to creating jobs and ensuring long-term economic stability.”
The disparity calls for strategic interventions to revitalize underperforming sectors that are crucial for small and medium enterprises (SMEs) and overall business growth. A diversified growth model is essential to ensure that the gains in services translate into broader economic benefits across all sectors.
The report underscores the need for policies aimed at enhancing productivity in agriculture, boosting manufacturing capacity, and supporting the construction industry to foster balanced economic development.
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