Nigeria’s GDP grew by 3.19% year-on-year in the second quarter of 2024, according to a new report from the National Bureau of Statistics (NBS) on Tuesday.
According to the bureau, this growth surpasses the 2.51% recorded in Q2 2023 and the 2.98% in Q1 2024.
The report was released just a day after Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, criticised Nigeria’s declining GDP growth rate since 2014.
Despite this, President Bola Tinubu has praised the latest figures, suggesting they reflect positive economic recovery. “Our economy is recovering,” said Tinubu, according to his aide Bayo Onanuga. “Soon, Nigerians will feel the impact of our economic efforts.”
However, the oil sector saw a decline in average daily production, falling to 1.41 million barrels per day from 1.57 million in Q1 2024.
Despite this, it represents an increase from 1.22 million barrels per day in Q2 2023.
The sector’s growth rate was 10.15% year-on-year, though it contracted by 10.51% quarter-on-quarter.
The non-oil sector grew by 2.8% year-on-year, a slight drop from 3.58% in the same period last year.
It contributed 94.3% to the GDP in Q2 2024, compared to 94.66% in Q2 2023.
The agricultural sector grew by 1.41%, contributing 22.61% to GDP, while manufacturing contracted by 15.16%, contributing 8.46% to GDP.
The NBS report indicates mixed economic signals, with notable growth in the agricultural sector but challenges in oil and manufacturing sectors.
