Nigeria’s real Gross Domestic Product (GDP) rose by 0.21 percentage points to 3.19% in the second quarter of 2024 (Q2’24), compared to 2.98% in Q1’24.
The National Bureau of Statistics (NBS) revealed this in its GDP report today, stating that the Q2’24 growth was primarily driven by the Services sector, which grew by 3.79% and accounted for 58.76% of the total GDP.
NBS said: “Nigeria’s GDP grew by 3.19% (year-on-year) in real terms in Q2’24. This growth rate exceeds the 2.51% recorded in Q2’23 and the 2.98% growth seen in Q1’24.
“The GDP performance in Q2’24 was mainly influenced by the Services sector, which experienced 3.79% growth and contributed 58.76% to the aggregate GDP.
“The agriculture sector saw a 1.41% growth, slightly down from the 1.5% recorded in Q2’23. Meanwhile, the industry sector grew by 3.53%, improving from the -1.94% decline recorded in Q2’23.
“In terms of GDP contribution, the industry and services sectors made a larger contribution to the total GDP in Q2’24 compared to Q2’23.”
The report further indicated that the oil sector grew by 10.15% in Q2’24, while the non-oil sector recorded 2.8% growth during the same period.
“In Q2’24, Nigeria’s average daily oil production was 1.41 million barrels per day (mbpd), higher than the 1.22 mbpd recorded in Q2’23 by 0.19 mbpd but lower than the 1.57 mbpd recorded in Q1’24 by 0.16 mbpd.
“The real growth of the oil sector was 10.15% (year-on-year) in Q2’24, reflecting an increase of 23.58 percentage points compared to Q2’23 (-13.43%). It also represents a 4.45% increase from Q1’24, where growth stood at 5.7%.
“On a quarter-on-quarter basis, the oil sector contracted by -10.51% in Q2’24. The sector contributed 5.7% to the total real GDP in Q2’24, higher than the same period in 2023, but down from 5.34% and 6.38% in Q2’23 and Q1’24, respectively.”
