The National Bureau of Statistics (NBS) has reported a significant growth in Nigeria’s Gross Domestic Product (GDP) for the second quarter of 2024 (Q2 2024).
According to the NBS document titled “Nigeria Gross Domestic Product Q2 2024,” the GDP grew by 3.19% year-on-year in real terms during this period.
This growth rate surpasses the 2.51% recorded in Q2 2023 and is also an improvement over the 2.98% growth observed in the first quarter of 2024. The report highlights that the Services sector was the main driver of this economic performance, registering a growth of 3.79% and contributing 58.76% to the overall GDP.
The agriculture sector, however, saw a modest growth of 1.41%, slightly down from the 1.50% growth recorded in the same period the previous year. On the other hand, the industry sector experienced a notable improvement, growing by 3.53%, a significant rebound from the -1.94% recorded in Q2 2023.
In nominal terms, Nigeria’s aggregate GDP at basic price stood at ₦60.93 trillion, marking a year-on-year nominal growth of 16.94% from ₦52.10 trillion in Q2 2023. The report also notes that both the industry and services sectors contributed more to the aggregate GDP in Q2 2024 compared to the corresponding quarter of the previous year.
The NBS document provides further clarity by classifying the Nigerian economy broadly into the oil and non-oil sectors. This comprehensive analysis highlights the sectors driving Nigeria’s economic growth and offers insights into the country’s overall economic health as of mid-2024.
