The apex bank noted that the country's economy grew by 3.46 per cent in Q3 2024.
Data from the newly published third quarter economic report of the Central Bank of Nigeria has shown that the apex bank reports growth in the country's economy.
The apex bank stated that sectors such as transportation and crop production were responsible for the growth recorded in the sector.
The apex bank noted that the country's economy grew by 3.46 per cent in Q3 2024.
The CBN stated that output has reached N20.115 trillion, up from 3.19 per cent (₦18.285 trillion) in Q2 2024.
The CBN noted that the development is driven mainly by the non-oil sector.
"Inflation moderated during the quarter, reflecting the fall in the food component of the CPI 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," the report said.
"Despite persisting headwinds, the economy continued to expand in the third quarter of 2024.
"The growth of 3.46 per cent recorded in Q3 2024, represented the third consecutive expansion year-to-date surpassing the 3.19 per cent and 2.54 per cent recorded in Q22024 and corresponding quarter of 2023, respectively."
The apex bank claimed that the growth recorded in the country was as a result of "continued efforts to improve the business environment, streamline cumbersome business processes and deepen the quality of business infrastructure."
The CBN further noted that the non-oil sector growth accelerated to 3.37 per cent in Q3 2024 compared with a growth rate of 2.80 per cent in the preceding quarter.
It further reported that the non-oil sector contributed 3.18 percentage points to total growth.
"The expansion of the non-oil sector was driven by the performance of the financial & insurance, information & communication, crop production, trade, transportation & storage, and real estate sub-sectors," the CBN said in the report.
This claims of the CBN on crop production and transport sector playing a key part in the growth recorded come amid rising food and energy costs which have driven up transportation costs.
Food inflation stands at 39.93% as of November 2024, with the cost of food items said to be on the increase.
Prices of items such as rice, groundnut oil and bread have been on the increase.
A litre of petroleum also sells for over around N1000, driving up transport costs.
According to the National Bureau of Statistics, the average fare for bus journeys within the intercity per drop increased by 20.23 per cent to N7,117.17 in July 2024 from N5,919.49 in July 2023. On a month-on-month basis, it rose by 0.35 per cent to N7,092.03 in June 2024.
The CBN data also comes amid concerns on businesses exiting the country.