Nigeria’s Gross Domestic Product (GDP) increased by 3.19% in the second quarter of 2024, driven primarily by growth in the Services sector. This growth surpasses the 2.51% recorded in Q2 2023 and the 2.98% from Q1 2024.
The National Bureau of Statistics (NBS) reported on Monday that the Services sector expanded by 3.79%, contributing 58.76% to the total GDP. In contrast, the Agriculture sector grew modestly by 1.41%, a slight decrease from 1.50% in Q2 2023. The Industry sector showed a significant rebound, with a 3.53% growth compared to a contraction of -1.94% in the same quarter last year.
The total GDP at basic price for Q2 2024 was N60.93 trillion, up from N52.10 trillion in Q2 2023, marking a 16.94% year-on-year nominal growth. The real GDP value reached N18.29 trillion, slightly higher than N18.28 trillion in Q1 2024.
Oil production averaged 1.41 million barrels per day (mbpd) during the quarter, a decrease from 1.57 mbpd in Q1 2024 but an improvement over 1.22 mbpd in Q2 2023. The real growth of the oil sector was 10.15%, a significant increase from -13.43% in Q2 2023, though it showed a quarter-on-quarter decline of -10.51% in Q2 2024.
The oil sector’s contribution to the real GDP was 5.70%, up from the previous year but down from 6.38% in Q1 2024. Meanwhile, the non-oil sector grew by 2.80% in real terms, slightly lower than 3.58% in Q2 2023 but the same as Q1 2024.
The non-oil sector’s growth was led by Financial and Insurance services, Information and Communication, Agriculture, Trade, and Manufacturing. It contributed 94.30% to the nation’s GDP, down from 94.66% in Q2 2023 but up from 93.62% in Q1 2024.
