Nigeria’s real Gross Domestic Product, GDP, grew by 0.21 percentage points to 3.19 percent in the second quarter of 2024 (Q2’24) from 2.98 percent in Q1’24.
The National Bureau of Statistics, NBS, disclosed this today in its GDP report noting that the performance of the GDP in Q2’24 was driven mainly by the Services sector, which recorded a growth of 3.79 percent and contributed 58.76 percent to the aggregate GDP.
NBS said: “Nigeria’s Gross Domestic Product (GDP) grew by 3.19 percent (year-on-year) in real terms in Q2’24.
“This growth rate is higher than the 2.51 percent recorded in the second quarter of 2023 and higher than the Q1’24 growths of 2.98 percent.
“The performance of the GDP in the Q2’24 was driven mainly by the Services sector, which recorded a growth of 3.79 percent and contributed 58.76 percent to the aggregate GDP.
“The agriculture sector grew by 1.41 percent from the growth of 1.5 percent recorded in the second quarter of 2023.
“The growth of the industry sector was 3.53 percent, an improvement from -1.94 percent recorded in the second quarter of 2023.
“In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in Q2’24 compared to the corresponding quarter of 2023.”
The report also showed that the oil sector grew by 10.15 percent in Q2’24 while the non-oil sector growth was 2.8 percent during the period.
“The nation in the second quarter of 2024 recorded an average daily oil production of 1.41 million barrels per day (mbpd), higher than the daily average production of 1.22 mbpd recorded in the same quarter of 2023 by 0.19 mbpd and lower than the first quarter of 2024 production volume of 1.57 mbpd by 0.16mbpd.
“The real growth of the oil sector was 10.15 percent (year-on-year) in Q2’24, indicating an increase of 23.58 percentage points relative to the rate recorded in the corresponding quarter of 2023 (-13.43 percent). Growth increased by 4.45% points when compared to Q1’24 which was 5.7 percent.
“On a quarter-on-quarter basis, the oil sector recorded a growth rate of -10.51 percent in Q2’24.
“The Oil sector contributed 5.7 percent to the total real GDP in Q2’24, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.34 percent and 6.38 percent respectively.
“The non-oil sector grew by 2.8 percent in real terms during the reference quarter (Q2’24).
“This rate was lower by 0.78 percentage points compared to the rate recorded in the same quarter of 2023 which was 3.58 percent and relatively same with the 2.8 percent 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 94.3 percent 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 percent and higher than the first quarter of 2024 recorded as 93.62 percent.”
