The National Bureau of Statistics (NBS) has disclosed that Nigeria’s real Gross Domestic Product (GDP) grew by 3.19 per cent in second quarter of 2024 as against 2.98 per cent in first quarter of 2024.
The report disclosed further that the growth rate is higher than the 2.51per cent recorded in the second quarter of 2023.
The “Nigerian GDP report” by NBS for Q2 2024 revealed that the GDP performance in the second quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 3.79per cent and contributed 58.76poer cent to the aggregate GDP.
“The agriculture sector grew by 1.41per cent, from the growth of 1.50 per cent recorded in the second quarter of 2023. The growth of the industry sector was 3.53per cent, an improvement from -1.94per cent recorded in the second quarter of 2023.
“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 when compared to the second quarter of 2023 which recorded aggregate GDP of N52,103,927.13 million, indicating a year-on-year nominal growth of 16.94 per cent. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors,” the report disclosed.
According to NBS, the Oil sector expanded by 10.15per cent YoY, while the Non-oil sector grew by 2.80per cent YoY in real terms in Q2 2024.
