The latest report from the National Bureau of (NBS) revealed that the nation’s Gross Domestic Product (GDP) grew by 3.19% (year-on-year) in real terms in the second quarter of 2024.
This growth rate is higher than the 2.51% recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98%.
In the Q2, 2024 GDP report released on Monday, NBS explained that the performance of the GDP was driven mainly by the Services sector, which recorded a growth of 3.79% and contributed 58.76% to the aggregate GDP.
According to the report, 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.
It 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 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”, the report said.
