Overview
Nigeria’s economy grew by 3.98% year-on-year in the third quarter, according to data released on Monday. The expansion, although slower than in previous quarters, was largely supported by the non-oil sector.
Factors Behind Growth
The National Bureau of Statistics (NBS) reported that the non-oil sector, which includes agriculture, manufacturing, and services, remained the key driver of growth. The oil sector, by contrast, continued to experience contraction due to low production levels and operational challenges.
Economic Context
Analysts noted that high inflation and tight monetary policies weighed on economic momentum. Consumer demand remained subdued, and private investment showed limited recovery compared to early 2025 trends.
Sectoral Performance
- Agriculture saw moderate gains from improved harvests.
- Manufacturing benefited from better local demand, though input costs stayed high.
- Telecommunications and finance contributed significantly, offsetting declines in oil output.
“The performance reflects ongoing diversification of the economy, though structural challenges persist,” stated an NBS official.
Outlook
Economists expect Nigeria’s growth to remain moderate in the upcoming quarter as inflation pressures and global uncertainties persist. Continued stability in the non-oil segment is expected to support resilience.
Author’s summary: Nigeria’s economy grew by 3.98% in Q3, driven largely by non-oil activities as the oil sector weakened and inflation limited broader expansion.
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