The economy grew by three point four six per cent in the third quarter of 2024, with output reaching twenty point one one five trillion naira, up from three one nine per cent in the second quarter of 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.