Nigeria’s Gross Domestic Product (GDP) grew by 3.19% in the second quarter of 2024, marking a significant year-on-year increase, according to the National Bureau of Statistics (NBS). This growth, reported in the NBS’s Q2 2024 GDP Report, reflects a robust expansion in the country’s economy, driven primarily by the services sector.
The 3.19% growth rate in Q2 2024 surpasses both the 2.51% growth recorded in the same quarter of 2023 and the 2.98% growth achieved in the first quarter of 2024, signaling a positive trajectory for Nigeria’s economic recovery and development. The NBS highlighted that the services sector was the key driver of this growth, recording a 3.79% increase and contributing a substantial 58.76% to the aggregate GDP.
In the report, the NBS noted that while the agriculture sector showed a slight decline in growth, from 1.50% in Q2 2023 to 1.41% in Q2 2024, the industry sector experienced a significant rebound. The industry sector grew by 3.53%, a notable improvement from the -1.94% contraction recorded in the second quarter of the previous year.
The report also detailed the sectoral contributions to the aggregate GDP, emphasizing that both the industry and services sectors played a larger role in Q2 2024 compared to the corresponding period in 2023. The aggregate GDP at basic prices stood at N60,930,000.58 million in nominal terms for the quarter under review, marking a 16.94% year-on-year increase from the N52,103,927.13 million recorded in Q2 2023.
This latest GDP performance underscores the resilience of Nigeria’s economy amidst various challenges, with the services sector continuing to be the cornerstone of growth. The positive trends in the industry sector further highlight the potential for broader economic recovery and expansion in the coming quarters.
Economy watchers say as the sustained growth in key sectors suggests a promising outlook for the rest of the year as Nigeria continues to navigate its economic landscape, positioning the country for continued development and increased economic stability.
