Abuja, August 27, 2024 — Nigeria’s Gross Domestic Product (GDP) recorded a notable year-on-year growth of 3.19% in real terms for the second quarter of 2024, reflecting an uptick in the nation’s economic performance. This growth surpasses the 2.51% growth rate recorded in the corresponding quarter of 2023 and also marks an improvement from the 2.98% growth observed in the first quarter of 2024.
The positive GDP performance in Q2 2024 was largely driven by the Services sector, which experienced a growth rate of 3.79%. The sector continues to be a major contributor to Nigeria’s economy, accounting for 58.76% of the aggregate GDP during the quarter. This growth underscores the sector’s pivotal role in supporting the country’s economic resilience.
In the agriculture sector, a growth rate of 1.41% was recorded in Q2 2024, which, although slightly lower than the 1.50% growth seen in the second quarter of 2023, continues to indicate the sector’s stable contribution to the economy. Meanwhile, the industry sector showed a remarkable turnaround with a growth rate of 3.53%, a significant improvement from the contraction of -1.94% witnessed in the same period last year.
The combined contributions of the industry and services sectors to the aggregate GDP in Q2 2024 surpassed those recorded in the corresponding quarter of 2023, highlighting the sectors’ increasing significance in Nigeria’s economic structure.
In nominal terms, the aggregate GDP at basic prices for the second quarter of 2024 stood at N60,930,000.58 million, reflecting a year-on-year nominal growth of 16.94%. This represents a substantial increase compared to the aggregate GDP of N52,103,927.13 million recorded in the second quarter of 2023.
To provide a clearer understanding of the economy, Nigeria’s GDP is broadly categorized into the oil and non-oil sectors. The detailed performance of these sectors will offer further insights into the underlying drivers of growth and the ongoing efforts to diversify the economy.
The latest GDP figures reflect Nigeria’s continued economic recovery and growth amid global and domestic challenges. As the country progresses through the remainder of the year, the government and stakeholders are expected to focus on sustaining this momentum to ensure broad-based economic development.
