Nigeria’s economy has recorded a growth rate of 3.19% in the second quarter of 2024, driven primarily by the Services sector, according to the latest GDP report from the National Bureau of Statistics.
The Services sector grew by 3.79% and contributed 58.76% to the total GDP, making it the main driver of growth in the quarter. The agriculture sector experienced modest growth, expanding by 1.41%, while the Industry sector rebounded strongly with a 3.53% growth rate.
Both the Industry and Services sectors increased their contributions to the aggregate GDP in Q2 2024 compared to the same period in 2023. The aggregate GDP at basic price stood at N60.93tn in nominal terms, indicating a year-on-year nominal growth of 16.94%.
The oil sector recorded a real growth rate of 10.15% (year-on-year) in Q2 2024, indicating an increase of 23.58% points relative to the rate recorded in the corresponding quarter of 2023. However, the average daily oil production reduced to 1.41 million barrels per day.
The non-oil sector grew by 2.80% in real terms during the reference quarter (Q2 2024), driven mainly by Financial and Insurance, Information and Communication, Agriculture, Trade, and Manufacturing sectors.
The non-oil sector contributed 94.30% to the nation’s GDP in the second quarter of 2024, lower than the share recorded in the second quarter of 2023 but higher than the first quarter of 2024.
