Nigeria’s annual gross domestic product (GDP) experienced a growth of 3.19% in the second quarter (Q2) of 2024, according to the latest report from the National Bureau of Statistics (NBS).
The growth rate marks an increase from the 2.51% recorded in Q2 2023 and 2.98% in Q1 2024.
The NBS report, released on Monday, highlighted that the industry and services sectors significantly contributed to the aggregate GDP in Q2 2024, compared to the corresponding quarter of 2023.
“The performance of the GDP in the second quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 3.79% and contributed 58.76% to the aggregate GDP,” the NBS stated.
The agriculture sector saw a growth of 1.41%, slightly down from the 1.50% growth recorded in Q2 2023. The industry sector rebounded with a growth of 3.53%, a notable improvement from the -1.94% decline recorded in Q2 2023.
The nominal GDP for Q2 2024 stood at ₦60.93 trillion, while the real GDP was ₦18.29 trillion. Nominal GDP measures the total value of all goods produced in the country without adjusting for inflation, whereas real GDP accounts for inflation, providing a more accurate reflection of economic performance.
“In the quarter under review, aggregate GDP at basic price stood at ₦60,930,000.58 million in nominal terms,” the report said. “This performance is higher when compared to the second quarter of 2023, which recorded aggregate GDP of ₦52,103,927.13 million, indicating a year-on-year nominal growth of 16.94%.”
The report also revealed that Nigeria’s average daily oil production was 1.41 million barrels per day (bpd) in Q2 2024. This figure is 0.16 million bpd lower than the 1.57 million bpd recorded in Q1 2024 and 0.19 million bpd lower than the 1.22 million bpd recorded in Q2 2023.
Despite the decrease in oil production, the non-oil sector continued to perform steadily, maintaining a growth rate of 2.80% in Q2 2024. This rate was 0.78% points lower than the 3.58% recorded in the same quarter of 2023 but remained unchanged from the growth rate in Q1 2024.
The NBS identified the Financial and Insurance (Financial Institutions), Information and Communication (Telecommunications), Agriculture (Crop production), Trade, and Manufacturing (Food, Beverage, and Tobacco) sectors as the main drivers of the non-oil sector’s growth.
In real terms, the non-oil sector contributed 94.30% to the nation’s GDP in Q2 2024, slightly lower than the 94.66% recorded in Q2 2023, but an increase from the 93.62% contribution in Q1 2024.
