August 26, (THEWILL) – Nigeria’s Gross Domestic Product (GDP) grew by 3.19% (year-on-year) in real terms in the second quarter of 2024, compared to the 2.51 percent recorded in the second quarter of 2023 and the 2.98 percent growth in the first quarter of 2024, the National Bureau of Statistics (NBS) said on Monday.
According to the Nigerian GDP Report for Q2 2024 released by the statistical agency, the growth recorded 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.
Also, the industry sector grew by 3.53 percent, an improvement from -1.94 percent recorded in the second quarter of 2023.
However, the NBS said the agriculture sector declined to 1.41 percent from the growth of 1.50 percent recorded in the second quarter of 2023.
The report noted 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.
The NBS said the nominal GDP for Q2 2024 stood at N60.93 trillion while the real GDP was N18.29 trillion.
“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% and contributed 58.76% to the aggregate GDP,” NBS said.
“The agriculture sector grew by 1.41% from the growth of 1.50% recorded in the second quarter of 2023. The growth of the industry sector was 3.53%, an improvement from -1.94% recorded in the second 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.
The report also said Nigeria recorded an average daily oil production of 1.41 million barrels per day (bpd) in Q2 of 2024.
According to the bureau, this is 0.16 million bpd lower than the daily average of 1.57 million bpd recorded in Q1 of 2024 and 0.19 mpdp lower than 1.22 million barrels recorded in Q2 2023.
On the other hand, the agency said the non-oil sector remained at 2.80 percent in the quarter under review.
“The rate was lower by 0.78% points compared to the rate recorded in the same quarter of 2023, which was 3.58% and relatively same with the 2.80% recorded in the first quarter of 2024.
“This sector was driven in the second quarter of 2024 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop production); Trade; and Manufacturing (Food, Beverage, and Tobacco), accounting for positive GDP growth,” the NBS said.
In real terms, the bureau said the non-oil sector contributed 94.30 percent to the nation’s GDP in the Q2 of 2024, lower than the 94.66 percent recorded in Q2 of 2023, but higher than 93.62 percent in Q1 of 2024.
