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Nigeria’s real Gross Domestic Product (GDP) experienced an increase of 0.21 percentage points in the second quarter of 2024 (Q2’24), rising to 3.19 per cent from 2.98 per cent in the first quarter (Q1’24).
This information was contained in a recent National Bureau of Statistics (NBS) publication.
In its GDP report, the NBS highlighted that the growth in Q2’24 was primarily fueled by the Services sector, which achieved a growth rate of 3.79 per cent and accounted for 58.76 per cent of the total GDP.
According to the NBS, Nigeria’s GDP grew by 3.19 per cent yearly in Q2’24. This growth rate surpasses the 2.51 per cent recorded in the same quarter of 2023 and is also higher than the 2.98 per cent growth observed in Q1’24.
The services sector’s performance significantly contributed to the GDP growth in Q2’24.
In contrast, the agriculture sector saw a growth of 1.41 per cent, a slight decrease from the 1.5 per cent growth noted in the second quarter of 2023.
Additionally, the industrial sector demonstrated growth of 3.53 per cent, marking a notable recovery from the -1.94 per cent recorded in the second quarter of the previous year.
The report added: “In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in Q2’24 compared to the corresponding quarter of 2023.”
It also showed that the oil sector grew by 10.15 per cent in Q2’24 while the non-oil sector growth was 2.8 per cent during the period.
“The nation in the second quarter of 2024 recorded an average daily oil production of 1.41 million barrels per day (mbpd), higher than the daily average production of 1.22 mbpd recorded in the same quarter of 2023 by 0.19 mbpd and lower than the first quarter of 2024 production volume of 1.57 Mbps by 0.16mbpd.
“The real growth of the oil sector was 10.15 per cent (year-on-year) in Q2’24, indicating an increase of 23.58 percentage points relative to the rate recorded in the corresponding quarter of 2023 (-13.43 per cent). Growth increased by 4.45% points when compared to Q1’24, which was 5.7 per cent.
“On a quarter-on-quarter basis, the oil sector recorded a growth rate of -10.51 per cent in Q2’24. “The Oil sector contributed 5.7 per cent to the total real GDP in Q2’24, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.34 per cent and 6.38 per cent, respectively.
“The non-oil sector grew by 2.8 per cent in real terms during the reference quarter (Q2’24).
“This rate was lower by 0.78 percentage points compared to the rate recorded in the same quarter of 2023 which was 3.58 percent and relatively same with the 2.8 per cent 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 94.3 per cent 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 per cent and higher than the first quarter of 2024 recorded as 93.62 per cent.”
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