Nigeria’s Gross Domestic Product (GDP) grew by 3.19% in the second quarter of 2024, according to a report released by the National Bureau of Statistics (NBS) on Monday.
This growth marks an improvement from both the 2.51% recorded in the second quarter of 2023 and the 2.98% growth seen in the first quarter of 2024.
The NBS attributed the positive performance primarily to the services sector, which recorded a growth of 3.79% and contributed 58.76% to the overall GDP.
“The performance of the GDP in the second quarter of 2024 was driven mainly by the services sector,” the Bureau stated.
Other sectors also showed mixed performance. The agriculture sector grew by 1.41%, slightly down from the 1.50% growth recorded in the same quarter last year.
However, the industry sector saw a notable improvement, growing by 3.53%, a significant recovery from the -1.94% decline 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,” the report noted.
In nominal terms, Nigeria’s aggregate GDP at basic prices stood at N60,930,000.58 million for the second quarter of 2024.
This represents a year-on-year nominal growth of 16.94% from the N52,103,927.13 million recorded in the same period last year.
The NBS report highlights the continued importance of the services sector in driving Nigeria’s economic growth, while also reflecting challenges and gains in other key sectors.