Nigeria's Gross Domestic Product (GDP) recorded a 3.46% growth in the third quarter of 2024, reflecting a steady economic rebound. This performance was driven by a 5.19% expansion in the services sector and a 2.18% increase in industrial output, according to the latest data. The growth underscores the resilience of the Nigerian economy despite ongoing global and local challenges.

The services sector, which includes telecommunications, banking, and real estate, emerged as the highest contributor to GDP growth. This sector benefited from increased consumer demand and digital transformation initiatives, which accelerated post-pandemic recovery. Enhanced efficiency and private sector investments further fueled its expansion.

On the industrial front, moderate growth was recorded, particularly in manufacturing and oil-related activities. However, challenges such as fluctuating oil prices, limited refinery capacity, and energy cost inflation continue to constrain more robust industrial performance. Addressing these issues is critical to unlocking the sector's full potential.

Agriculture, another significant contributor to the economy, also posted positive results but faces sustainability concerns due to climate change and security issues. Policymakers are encouraged to implement long-term strategies that include investment in climate-smart agriculture and rural security initiatives to sustain growth in this vital sector.

The GDP report signals optimism for Nigeria's economic trajectory but highlights the need for structural reforms. Continued efforts to diversify the economy, improve infrastructure, and enhance energy security will play a pivotal role in maintaining this growth trend and achieving sustainable development.