Nigeria’s GDP grows by 3.19%, oil production drops in Q2 2024 – NBS

Nigeria’s Gross Domestic Product (GDP) grew while oil production dropped between the first and second quarters of 2024, according to official data.

The GDP grew by 3.19 per cent year-on-year in real terms in the second quarter of 2024, the National Bureau of Statistics has said.

The Nigerian Bureau of Statistics (NBS) said the growth rate is higher than the 2.51 per cent recorded in the second quarter of 2023 and higher than the 2.98 per cent growth in the first quarter of 2024.

The statistics NBS said this in its “Nigerian Gross Domestic Product (GDP) Report Q2 2024” released on Monday.

The report said the GDP’s performance in the second quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate GDP.

It said the agriculture sector grew by 1.41 per cent, from the 1.50 per cent growth recorded in the second quarter of 2023.

It added that the growth of the Industry sector was 3.53 per cent, an improvement from -1.94 per cent recorded in the second quarter of 2023.

In terms of share of the GDP, the bureau said the Industry and Services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023.

“In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms. This performance is higher when compared to the second quarter of 2023 which recorded aggregate GDP of N52,103,927.13 million, indicating a year-on-year nominal growth of 16.94 per cent,” the report said.