Nigeria’s Gross Domestic Product (GDP) grew by 3.19 per cent (year-on-year) in real terms in the second quarter of 2024.
The National Bureau of Statistics (NBS) reports that this growth rate is higher than the 2.51 per cent recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98 per cent.
It said the performance of the GDP in the second quarter of 2024 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 agriculture sector, the NBS said declined to 1.41 per cent, from the growth of 1.50 per cent recorded in the second quarter of 2023. The surprise growth was recorded by the industry sector which grew by 3.53 per cent, an improvement from -1.94 per cent recorded in the sezcond 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 N60.93 trillion in nominal terms. This performance is higher when compared to the second quarter of 2023 which recorded aggregate GDP of N52.1 trillion, indicating a year-on-year nominal growth of 16.94 per cent,” the report said.