Nigeria’s Gross Domestic Product (GDP) grew by 3.19% (year-on-year) in real terms in the second quarter of 2024.
A report by the National Bureau of Statistics (NBS) also showed that oil production dropped to an average of 1.41 million barrel per day from the 1.57 million recorded in the first quarter of 2024.
The report noted that the GDP growth was higher than the 2.51% recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98%.
It added that 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.
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“The agriculture sector grew by 1.41%, from the growth of 1.50% recorded in the second quarter of 2023. The growth of the industry sector was 3.53%, an improvement from -1.94% recorded in the second quarter of 2023. In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023.”
It went on to state that the aggregate GDP at basic price stood at N60.9trn in nominal terms.
“This performance is higher when compared to the second quarter of 2023 which recorded aggregate GDP of N52,103,927,130,000 indicating a year-on-year nominal growth of 16.94%.”
It added that the real growth of the oil sector was 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 (-13.43%) while on a quarter-on-quarter basis, the oil sector recorded a growth rate of -10.51% in Q2 2024.
“The Oil sector contributed 5.70% to the total real GDP in Q2 2024, up from the figure recorded in the corresponding period of 2023 and down from the
preceding quarter, where it contributed 5.34% and 6.38% respectively.”
While the non-oil sector grew by 2.80% in real terms, lower by 0.78% points compared to the rate recorded in the same quarter of 2023 which was 3.58% and relatively same with the 2.80% recorded in the first quarter of 2024.
“This sector was driven in the second quarter of 2024 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop production); Trade; and Manufacturing (Food, Beverage, and Tobacco), accounting for positive GDP growth.
In real terms, 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 which was 94.66% and higher than the
first quarter of 2024 recorded as 93.62%.”
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