GDP grows by 3.19% in Q2 2024

Nigeria’s Gross Domestic Product (GDP) grew by 3.19 percent (year-on-year) in real terms in the second quarter of 2024.

The National Bureau of Statistics (NBS) reports that this growth rate is higher than the 2.51 percent recorded in the second quarter of 2023 and the 2.98 percent growth in the first quarter of 2024.

It said the performance of the GDP in the second quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 3.79 percent and contributed 58.76 percent to the aggregate GDP.

The agriculture sector, the NBS said, declined to 1.41 percent, from the growth of 1.50 percent recorded in the second quarter of 2023. The surprise growth was recorded by the industry sector, which grew by 3.53 percent, an improvement from -1.94 percent recorded in the second quarter of 2023.

The report said that 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 N60.93 trillion in nominal terms. This performance is higher compared to the second quarter of 2023, which recorded an aggregate GDP of N52.1 trillion, indicating a year-on-year nominal growth of 16.94 percent,” the report said.