The National Bureau of Statistics (NBS) announced on Monday, August 26, that Nigeria’s Gross Domestic Product (GDP) increased by 3.19% in the second quarter of 2024.
This information was disclosed in a document titled “Nigeria Gross Domestic Product Q2 2024.”
The document said: “Nigeria’s Gross Domestic Product (GDP) grew by 3.19% (year-on-year) in real terms in the second quarter of 2024.”
According to NBS, the growth rate is higher than the 2.51% growth in the second quarter of 2023 and the 2.98% growth in the first quarter of 2024.
It also stated that the Services sector, which grew by 3.79% and made up 58.76% of the GDP overall, was the primary driver of the GDP’s performance in the second quarter of 2024.
NBS said the agriculture sector grew by 1.41%, from the growth of 1.50% recorded in the second quarter of 2023.
The NBS reported that the industry sector grew by 3.53%, up from -1.94% in the second quarter of 2023.
The report said: “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 an aggregate GDP of N52,103,927.13 million, indicating a year-on-year nominal growth of 16.94%.
“For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”
