According to data released by the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) grew by 2.98% (year-on-year) in real terms during the first quarter of 2024.
The Services sector was the primary driver of Nigeria’s GDP growth, with a substantial increase of 3.79%. This sector, which accounted for 58.76% of the total GDP, was crucial to the country’s economic performance. Agriculture also showed a positive trajectory, with a growth of 1.41%, up from 1.50% in the second quarter of 2023.
The NBS report stated that the aggregate nominal GDP at the basic price was N60,930,000.58 million. This is much better than the second quarter, when the GDP was N52,103,927.13 million, reflecting a nominal growth rate of 16.94% year over year.
Here are the ten sectors that contributed the most to Nigeria’s GDP growth in the second quarter of 2024.
