Nigeria’s Gross Domestic Product (GDP) grew by 3.19% in the second quarter of 2024, according to the National Bureau of Statistics (NBS).
In its Q2 2024 GDP Report released on Monday, the NBS noted that the GDP rose year-on-year in real terms during this period.
“This growth rate surpasses the 2.51% recorded in the second quarter of 2023, as well as the 2.98% growth from the first quarter of 2024,” the Bureau highlighted.
The NBS attributed this growth largely to the services sector, which expanded by 3.79% and contributed 58.76% to the total GDP.
The agriculture sector saw a 1.41% growth, slightly down from the 1.50% reported in Q2 2023, while the industry sector grew by 3.53%, a significant improvement from the -1.94% recorded in the same quarter of 2023.
Both the industry and services sectors contributed more to the overall GDP in Q2 2024 than in the corresponding quarter of the previous year.
In nominal terms, the aggregate GDP for the second quarter of 2024 stood at N60,930,000.58 million, marking a 16.94% year-on-year increase compared to the N52,103,927.13 million recorded in Q2 2023, according to the Bureau.