Nigeria’s Gross Domestic Product (GDP) grew by 3.19% year-on-year in real terms in the second quarter of 2024 (Q2 2024), up from 2.51% in Q2 2023, according to a report released by the National Bureau of Statistics (NBS) on Monday.
This performance also surpasses the 2.98% growth recorded in the first quarter of 2024 (Q1 2024).
The GDP growth in Q2 2024 was primarily driven by the services sector, which expanded by 3.79% and contributed 58.76% to the aggregate GDP.
The quarter’s aggregate GDP at basic prices rose by 16.94% to N60.93 trillion in nominal terms, compared to N52.10 trillion in the same quarter of 2023.
The agriculture sector recorded a growth of 1.41%, slightly down from 1.50% in Q2 2023, while the industry sector saw an improvement, growing by 3.53%, a significant recovery from a contraction of -1.94% in Q2 2023.
Overall, the industry and services sectors contributed more to the aggregate GDP in Q2 2024 compared to the corresponding period last year.
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