Nigeria GDP up by 3.19% YoY in Q2 ’24

Nigeria‘s Gross Domestic Product (GDP) grew by 3.19 per cent year-on-year (YoY) in real terms during the second quarter of 2024, according to data released by a government statistics agency on Monday. This is up from 2.51 per cent in the same period of 2023 and 2.98 per cent in the first quarter of 2024.

The growth was largely driven by the services sector, which expanded by 3.79 per cent, contributing 58.76 per cent to the total GDP.

The agriculture sector experienced a modest growth of 1.41 per cent, slightly lower than the 1.50 per cent recorded in the second quarter of 2023. The industry sector experienced a significant recovery, growing by 3.53 per cent compared to a contraction of 1.94 per cent the previous year.

In nominal terms, Nigeria’s aggregate GDP reached N60,930 billion in the second quarter of 2024, reflecting a 16.94 per cent increase from N52,104 billion in the same period of 2023. The economy is broadly categorised into the oil and non-oil sectors for clarity.

Attribution: Nigeria’s National Bureau of Statistics

Subediting: Y.Yasser