Nigeria’s GDP Grew by 3.19% in Q2 2024 — NBS Reports

According to the National Bureau of Statistics (NBS), Nigeria’s GDP recorded a 3.19% growth in the second quarter of 2024, indicating a positive economic trend despite ongoing challenges.

The National Bureau of Statistics (NBS) has reported that Nigeria’s Gross Domestic Product (GDP) increased by 3.19% during the second quarter of 2024.

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The Bureau reported on Monday in its Q2 2024 GDP Report that Nigeria’s real GDP increased compared to the same period last year.

According to the NBS, the growth rate for this quarter exceeds both that of the second quarter of 2023 (which was recorded at 2.51%) and also surpasses first-quarter growth in 2024 which stood at 2.98%.

According to the National Bureau of Statistics, the services sector was primarily responsible for propelling GDP growth during Q2 2024 with a rise of 3.79%, representing over half (58.76%) of the total economic output.

In the second quarter of 2023, there was a growth rate of 1.41% in the agriculture sector compared to its previous growth rate of 1.50%. Moreover, during this same period, the industry sector showed noticeable improvement with a record high surge from -1.94% to an impressive growth rate increase by up to +3.53%.

Compared to the corresponding quarter of 2023, both the industry and services sectors made larger contributions to the overall GDP in Q2 of 2024 when measured by their respective share.

During the quarter being assessed, the total GDP at basic price amounted to N60,930.000.58 million in nominal terms.

According to the Bureau, “There has been a significant increase in performance compared to the second quarter of 2023 when aggregate GDP stood at N52,103,927.13 million with a year-on-year nominal growth rate of 16.94%.”