Nigeria’s economy saw a strong performance in the second quarter of 2024, with the Gross Domestic Product (GDP) growing by 3.19 percent. This is a significant jump from the 2.51 percent growth recorded during the same period last year, according to the National Bureau of Statistics (NBS).
In its Q2 2024 GDP Report, released on Monday, the NBS highlighted that this growth rate also surpassed the first quarter’s 2.98 percent growth.
The services sector was the main driver of this growth, expanding by 3.79 percent and contributing 58.76 percent to the overall GDP. The agriculture sector grew by 1.41 percent, while the industry sector saw a notable turnaround with a 3.53 percent growth rate, a significant improvement from the -1.94 percent seen in the same quarter last year.
The NBS also pointed out that both the industry and services sectors contributed more to the overall GDP in Q2 2024 compared to the same period in 2023.
In nominal terms, the total GDP was N60,930,000.58 (U.S.$38,324.97), reflecting a 16.94 percent year-on-year increase from N52,103,927.13 (U.S.$32,773.37) in Q2 2023.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
