The Gross Domestic Product of Nigeria grew by 3.19 per cent in the second quarter of 2024 driven by growth in the Services sector.
According to the GDP report released by the National Bureau of Statistics on Monday, the growth rate is higher than the 2.51 per cent recorded in the second quarter of 2023 and higher than 2.98 per cent in the first quarter of 2024.
The report indicated that Q2 GDP performance was driven by the Services sector which grew by 3.79 per cent and contributed about 58.76 per cent to the total GDP.
The agriculture sector experienced modest growth, expanding by 1.41 per cent slightly down from the 1.50 per cent growth rate recorded in Q2 2023. Meanwhile, the Industry sector rebounded strongly, posting a 3.53 per cent growth compared to a contraction of -1.94 per cent in Q2 2023.
In terms of GDP composition, both the Industry and Services sectors increased their contributions to the aggregate GDP in Q2 2024 compared to the same period in 2023.
In the quarter under review, aggregate GDP at basic price stood at N60.93tn in nominal terms higher than the second quarter of 2023 which recorded aggregate GDP of N52.10tn, indicating a year-on-year nominal growth of 16.94 per cent. The real GDP value stood at N18.29tn marginally higher than N18.28tn in Q1.
In the period under review, the average daily oil production reduced to 1.41 million barrels per day, lower than 1.57 mbpd in Q1 but higher than 1.22 mbpd recorded in the same quarter of 2023.
“The real growth of the oil sector was 10.15 per cent (year-on-year) in Q2 2024, indicating an increase of 23.58 per cent points relative to the rate recorded in the corresponding quarter of 2023 (-13.43 per cent). Growth increased by 4.45 per cent points when compared to Q1 2024 which was 5.70 per cent. On a quarter-on-quarter basis, the oil sector recorded a growth rate of -10.51 per cent in Q2 2024.
“The Oil sector contributed 5.70 per cent to the total real GDP in Q2 2024, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.34 per cent and 6.38 per cent respectively,” the report said.
The non-oil sector grew by 2.80 per cent in real terms during the reference quarter (Q2 2024). This rate was lower by 0.78 per cent points compared to the rate recorded in the same quarter of 2023 which was 3.58 per cent and relatively same with the 2.80 per cent recorded in the first quarter of 2024.
This sector was driven in the second quarter of 2024 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop production); Trade; and Manufacturing (Food, Beverage, and Tobacco), accounting for positive GDP growth.
In real terms, the non-oil sector contributed 94.30 per cent to the nation’s GDP in the second quarter of 2024, lower than the share recorded in the second quarter of 2023 which was 94.66 per cent and higher than the first quarter of 2024 recorded as 93.62 per cent.
