The National Bureau of Statistics (NBS) has reported that Nigeria’s Gross Domestic Product (GDP) recorded a year-on-year increase of 3.19% in real terms during the second quarter of 2024.
This development was announced on the NBS’s official X handle on Monday and was shared with Africa Health Report (AHR).
This growth represents an improvement from the 2.51% recorded in the same period in 2023 and the 2.98% growth in the first quarter of 2024.
The NBS report highlighted that the increase was primarily driven by the Services sector, which expanded by 3.79% and contributed a substantial 58.76% to the aggregate GDP.
“Agriculture grew by 1.41%, slightly below the 1.50% recorded in the second quarter of 2023, while the industry sector showed a notable recovery with a growth of 3.53%, compared to a contraction of -1.94% in the corresponding period last year,” the report stated.
The report also pointed out a rise in the overall contribution of the industry and services sectors to the GDP. The aggregate GDP at basic price reached N60,930,000.58 million in nominal terms, reflecting a 16.94% year-on-year growth from N52,103,927.13 million in the second quarter of 2023.
For analytical purposes, the NBS categorized the Nigerian economy into the oil and non-oil sectors.
