Nigeria’s economy showed promising signs of recovery on Monday, as the Gross Domestic Product (GDP) grew by 3.46% in real terms year-on-year for the third quarter of 2024, according to a report released by the National Bureau of Statistics (NBS). This growth rate surpasses the 2.54% recorded in the same quarter of the previous year and also exceeds the 3.19% growth achieved in the second quarter of 2024.
The upward trend in GDP reflects a gradual rebound in key sectors of the economy, contributing to increased investor confidence and economic stability. Analysts are optimistic that the sustained growth may indicate effective economic policies and a resilient market environment, despite ongoing challenges in areas such as inflation and security.
Here is an executive summary of the GDP as published by the NBS: “Transport Fare Watch for October 2024 covers the following categories: bus journey within the city per drop constant route; bus journey intercity (state route) charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. The average fare paid by commuters for bus journeys within the city per drop increased to 0.98% from N899.31 in Sep tember 2024 to N908.15 in October 2024.
“On a year-on year basis, it declined by 18.72% from N1,117.30 in October 2023. In another category, the average fare paid by commuters for bus journey intercity per drop was N7,187.62 in October 2024, indicating an increase of 0.18% on a month-on-month basis compared to N7,175.06 in September 2024.
“On a year-on-year basis, the fare rose by 22.12% from N5,885.68 in October 2023. In air travel, the average fare paid by air passengers for specified routes single journey was N126,293.05 in October 2024, showing an increase of 1.28% while compared to previous month (September 2024). On a year-on -year basis, the fare rose by 60.31% from N78,778.38 in October 2023. The average transport fare paid on Okada transportation was N535.98 in October 2024 which shows an increase of 0.75% when compared with the value recorded in September 2024 (N532.00).
“On a year-on-year basis, the fare in creased by 5.65% when compared with October 2023 (N507.30). For water transport (waterway passenger transportation), the average fare paid in October 2024 was N1,478.09 which indicates an increase of 0.67% on monthly basis. On a year-on-year basis, it increased by 5.90% from N1,395.68 in October 2023.”
