Nigeria’s Gross Domestic Product, GDP, grew by 3.19 per cent in the second quarter of 2024, surpassing the 2.51 per cent growth recorded in the same period last year, according to the National Bureau of Statistics, NBS.
In its Q2 2024 GDP Report released on Monday, the NBS highlighted that this growth rate outpaced both the 2.51 per cent achieved in the second quarter of 2023 and the 2.98 per cent recorded in the first quarter of 2024.
“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,” the report stated.
The growth was largely driven by the services sector, which expanded by 3.79 per cent and contributed 58.76 per cent to the total GDP.
The agriculture sector also recorded growth, albeit modest, at 1.41 per cent, while the industry sector rebounded significantly, posting a growth rate of 3.53 per cent compared to the -1.94 per cent decline in the same quarter of the previous year.
The NBS further noted that, “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 nominal terms, the aggregate GDP stood at N60,930,000.58, representing a 16.94 per cent year-on-year increase from N52,103,927.13 in Q2 2023.
The NBS stated, “In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 in nominal terms.
“This performance is higher when compared to the second quarter of 2023, which recorded an aggregate GDP of N52,103,927.13, indicating a year-on-year nominal growth of 16.94 per cent.”
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