Nigeria GDP Grew By 3.19% In Q2, NBS Says

Nigeria’s Gross Domestic Product (GDP) grew by 3.19 percent (year-on-year) in real terms in the second quarter of 2024, according to a latest data from the National Bureau of Statistics (NBS).

The growth rate is higher than the 2.51% recorded in the second quarter of 2023 and higher than 2.98% recorded in the first quarter of 2024.

The GDP performance in the second quarter of 2024 was driven mainly by the services sector, which recorded 3.79% growth and contributed 58.76% to the aggregate GDP.

The agriculture sector grew by 1.41% from 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 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%.

The Nigerian economy has been classified broadly into the oil and non-oil sectors.