Nigeria’s GDP increased 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) confirmed this today in its GDP report, saying that the GDP performance in Q2’24 was primarily driven by the Services sector, which grew by 3.79 percent and contributed 58.76 percent to the aggregate GDP.
According to the NBS, Nigeria’s GDP increased by 3.19 percent (year on year) in real terms in the second quarter of 24. “This growth rate is greater than the 2.51 percent achieved in the second quarter of 2023 and the 2.98 percent increase in the first quarter of 24.
“The GDP performance in Q2’24 was primarily driven by the Services sector, which increased by 3.79 percent and accounted for 58.76 percent of total GDP. “The agriculture industry rose by 1.41 percent, compared to 1.5 percent in the second quarter of 2023.
“The industry sector’s growth rate was 3.53%, up from -1.94% 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.”
According to the research, the oil industry grew by 10.15 percent in Q2’24, while the non-oil sector expanded by 2.8% over the same 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 oil sector’s real growth rate was 10.15 percent (year on year) in Q2’24, representing a 23.58 percentage point rise over the rate registered in the same quarter of 2023 (-13.43 percent). Growth increased by 4.45% points compared to Q1’24, which was 5.7%.
“On a quarter-on-quarter basis, the oil sector recorded a growth rate of -10.51 percent in Q2’24.”The oil sector provided 5.7 percent of total real GDP in Q2’24, up from the number recorded in the same time in 2023 but down from the previous quarter, when it contributed 5.34 percent and 6.38 percent, respectively.
The non-oil industry expanded by 2.8% in real terms during the reference quarter (Q2’24). “This rate was 0.78 percentage points lower than the rate recorded in the same quarter of 2023, which was 3.58 percent, and was generally consistent with the 2.8 percent reported in the first quarter of 2024.
“In the second quarter of 2024, this sector was primarily led by Financial and Insurance (Financial Institutions), Information and Communication (Telecommunications), Agriculture (Crop production), Trade, and Manufacturing (Food, Beverage, and Tobacco), which all contributed to 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.
