Nigeria’s Economy Records Growth As GDP Increases By 3.19% In Q2

Nigeria’s Economy Records Growth As GDP Increases By 3.19% In Q2

Nigeria’s Gross Domestic Product (GDP) grew by 3.19% (year-on-year) in real terms in the second quarter of 2024. the National Bureau of Statistics has reported.

This growth rate is higher than the 2.51% recorded in the second quarter of 2023 and higher than the 2.98% growth in the first quarter of 2024.

The GDP’s performance in the second quarter of 2024 was primarily fueled by the services sector, which saw a robust growth of 3.79% and contributed a substantial 58.76% to the total GDP. The agriculture sector also saw growth, increasing by 1.41% from the previous year. The industry sector’s growth was 3.53%, a significant improvement from the previous year’s -1.94%.

In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023.

In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms.

This performance is higher than that of the second quarter of 2023, which recorded an aggregate GDP of N52,103,927.13 million, indicating a 16.94% year-on-year nominal growth.

Crude production grew to 1.41 million barrels per day in the period, compared with 1.22 million barrels a year earlier, the statistics office said.

Source: NBS