Breaking: Nigeria’s GDP Grew 3.19% in Q2

James Emejo in Abuja

Nigeria’s Gross Domestic Product (GDP) grew by 3.19 per cent, year-on-year, in real terms in the second quarter of the year (Q2 2024) compared to 2.51 per cent in Q2 2023, the National Bureau of Statistics (NBS) said Monday.

The performance was also higher than 2.98 per cent recorded in the Q1 2024.

According to the Gross Domestic Product (GDP) Q2 2024 report, released by the statistical agency, growth was driven mainly by the services sector, which grew by 3.79 per cent and contributed 58.76 per cent to the aggregate GDP.

In the quarter under review, aggregate GDP at basic price increased by 16.94 per cent to N60.93 trillion in nominal terms, compared to N52.10 trillion in same quarter 2023.

Agriculture grew by 1.41 per cent from the growth of 1.50 per cent recorded in the second quarter of 2023.

Also, industry grew 3.53 per cent, an improvement from -1.94 per cent in Q2 2023.

In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the review period compared to the corresponding quarter of last year.

Details later…