Nigeria’s economy continues to show strong resilience as the nation’s Gross Domestic Product (GDP) grew by 3.19% in the second quarter (Q2) of 2024, according to the latest report from the National Bureau of Statistics (NBS). This growth marks an improvement from the 2.51% recorded compared to Q2 2023 and the 2.98% growth in Q1 2024.
The NBS report highlights the role of the services and industry sectors in moving the economy forward. According to the report, the services sector, recorded a 3.79% growth, contributing an unbelievable 58.76% to the nation’s aggregate GDP in Q2 2024. The industry sector also showed great improvement with a growth rate of 3.53%, marking a sharp turnaround from the -1.94% decline experienced in Q2 2023.
The agriculture sector saw a dip, growing by 1.41% compared to 1.50% in the same quarter of the previous year. However, this sector remains a crucial component of the economy, contributing significantly to overall GDP.
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The report also revealed that Nigeria’s nominal GDP for Q2 2024 stood at an impressive N60.93 trillion, while the real GDP adjusted for inflation was N18.29 trillion.
The oil sector recorded an average daily production of 1.41 million barrels per day (bpd) in Q2 2024, which is a decrease from the 1.57 million bpd reported in Q1 2024 and the 1.22 million bpd recorded in Q2 2023. Despite the decline in oil production, the non-oil sector contributed 94.30% to the nation’s GDP during the period under review.
The non-oil sector maintained a steady growth rate of 2.80% in Q2 2024, closely aligning with the growth observed in Q1 2024. Key drivers of this sector’s performance include Financial and Insurance Services, Telecommunications, Agriculture (especially Crop Production), Trade, and Manufacturing (particularly Food, Beverage, and Tobacco).
