The National Bureau of Statistics (NBS) has said that Nigeria’s real Gross Domestic Product, GDP, grew by 0.21 percentage points to 3.19 per cent in the second quarter of 2024 from 2.98 percent in Q1’24.
The NBS said in its GDP report that the performance of the GDP in the second quarter of this year was driven mainly by the Services sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate GDP.
“Nigeria’s Gross Domestic Product (GDP) grew by 3.19 per cent (year-on-year) in real terms in Q2’24.
“This growth rate is higher than the 2.51 per cent recorded in the second quarter of 2023 and higher than the Q1’24 growths of 2.98 per cent.
“The performance of the GDP in the Q2’24 was driven mainly by the Services sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate GDP,” the NBS said.
According to the report, the agriculture sector grew by 1.41 per cent from the growth of 1.5 per cent recorded in the second quarter of 2023.
It added that the growth of the industry sector was 3.53 per cent, an improvement from -1.94 per cent recorded in the second quarter of 2023.
The NBS explained that in terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in Q2’24 compared to the corresponding quarter of 2023.
The report also showed that the oil sector grew by 10.15 per cent in Q2’24, while the non-oil sector growth was 2.8 per cent during the period.
GIK/APA
