Nigeria’s Gross Domestic Product (GDP) recorded a year-on-year growth of 3.19% in real terms during the second quarter of 2024, marking a notable increase from the 2.51% growth observed in the same period of 2023 and the 2.98% growth in the first quarter of 2024.
The robust GDP performance in Q2 2024 was largely fueled by the Services sector, which expanded by 3.79% and accounted for 58.76% of the total GDP.
The Agriculture sector, while experiencing a slight dip, grew by 1.41%, compared to the 1.50% growth achieved in Q2 2023.
Meanwhile, the Industry sector showed a remarkable turnaround, with a growth rate of 3.53%, a significant improvement from the -1.94% decline recorded in the second quarter of the previous year.
In terms of GDP contribution, both the Industry and Services sectors increased their share in Q2 2024 compared to the same period in 2023.
The Oil sector, which contributed 5.70% to the total real GDP in Q2 2024, also saw a rise from the 5.34% contribution in Q2 2023, though it was slightly down from the 6.38% share in the first quarter of 2024.
