Nigeria's GDP grew by 3.19% in Q2 2024, surpassing 2.51% in Q2 2023 and 2.98% in Q1 2024. The services sector led growth at 3.79%, contributing significantly to the economy. Agriculture and industry also showed improvements, indicating a positive trend for Nigeria's economic recovery.
Nigeria's economy demonstrated a notable recovery in the second quarter of 2024, with the Gross Domestic Product (GDP) expanding by 3.19% year-on-year. This growth surpasses the 2.51% recorded in the same quarter last year and is also higher than the 2.98% growth seen in the first quarter of 2024, according to the National Bureau of Statistics (NBS).
The Q2 2024 GDP report highlights that the services sector was the primary driver of this growth, registering a significant 3.79% increase and contributing 58.76% to the overall GDP. The nominal GDP at basic prices surged to N60.93 trillion, up 16.94% from N52.10 trillion in Q2 2023.
Agriculture experienced a modest growth of 1.41%, a slight decline from the 1.50% growth noted in Q2 2023. Meanwhile, the industrial sector rebounded, growing by 3.53%, a marked improvement from the -1.94% contraction reported in the same quarter last year.
Overall, the data suggests a more robust economic performance across various sectors compared to the previous year, indicating potential positive momentum for Nigeria's economy. The detailed implications of these growth figures and their sustainability will be explored in future reports.
