Nigeria’s GDP Surges to 3.19% in Q2 2024, Driven by Services and Industry Sectors

Nigeria’s economy is showing signs of robust growth as the nation’s Gross Domestic Product (GDP) expanded by 3.19% year-on-year in real terms during the second quarter of 2024. This growth marks a significant improvement from the 2.51% recorded in the same quarter of 2023 and is also higher than the 2.98% growth seen in the first quarter of 2024.

The primary driver behind this positive performance was the Services sector, which recorded a 3.79% growth and contributed a substantial 58.76% to the overall GDP. The Agriculture sector, while still growing, showed a slight decline in its growth rate, posting a 1.41% increase compared to 1.50% in the second quarter of 2023. Meanwhile, the Industry sector demonstrated a remarkable recovery, growing by 3.53%, a sharp contrast to the -1.94% decline seen in the same period last year.

In terms of GDP composition, both the Industry and Services sectors played a more significant role in the aggregate GDP during this quarter compared to the second quarter of 2023. The total GDP at basic prices for Q2 2024 stood at a substantial N60,930,000.58 million in nominal terms. This figure represents a year-on-year nominal growth of 16.94%, up from the N52,103,927.13 million recorded in Q2 2023.

The Nigerian economy continues to be broadly classified into the oil and non-oil sectors, with the non-oil sector, particularly Services and Industry, contributing significantly to the nation’s economic performance in the second quarter of 2024.

This growth underscores Nigeria’s ongoing efforts to diversify its economy and highlights the resilience of key sectors in driving economic progress.