Nigeria’s Economy Grows by 3.19% in Q2 2024, Driven by Services and Industry Sectors – NBS

Nigeria’s GDP Surges by 3.19% in Q2 2024

Nigeria’s GDP (Gross Domestic Product) recorded a year-on-year growth of 3.19% in real terms during the second quarter of 2024, surpassing the 2.51% growth from the same period in 2023 and the 2.98% increase seen in Q1 2024.

Sector Highlights:

• Services Sector: Led the charge with a 3.79% growth, contributing 58.76% to the total GDP.
• Industry Sector: Bounced back with a 3.53% growth, a significant improvement from the -1.94% decline in Q2 2023.
• Agriculture Sector: Grew by 1.41%, slightly below the 1.50% recorded in Q2 2023.

Oil Sector Performance:

• The oil sector contributed 5.70% to the GDP, up from 5.34% in Q2 2023 but down from 6.38% in Q1 2024.
• Achieved a remarkable year-on-year growth of 10.15%, recovering from a -13.43% decline in Q2 2023.
• Despite this, the sector saw a quarter-on-quarter decline of -10.51%.
• Nigeria’s daily oil production averaged 1.41 million barrels per day (mbpd), higher than the 1.22 mbpd in Q2 2023 but lower than the 1.57 mbpd in Q1 2024.

Non-Oil Sector Performance:

• Contributed 94.30% to the GDP, slightly lower than the 94.66% in Q2 2023 but higher than the 93.62% in Q1 2024.
• The non-oil sector grew by 2.80% in Q2 2024, matching its Q1 2024 performance but falling short of the 3.58% growth in Q2 2023.
• Key contributors to the sector’s growth include Financial and Insurance Services, Telecommunications, Crop Production, Trade, and Manufacturing (Food, Beverage, and Tobacco).

Nigeria’s economy shows promising signs of resilience and recovery, with notable contributions from the services and industry sectors driving the GDP growth in Q2 2024.