Booming Economy: Nigeria’s GDP Surges Past Expectations with 3.19% Growth in Q2 2024

The National Bureau of Statistics (NBS) on Monday, August 26, Nigeria’s Gross Domestic Product (GDP) grew by 3.19% in the second quarter of 2024 (Q2 2024).

Its document titled “Nigeria Gross Domestic Product Q2 2024,” made this disclosure.

The document said: “Nigeria’s Gross Domestic Product (GDP) grew by 3.19% (year-on-year) in real terms in the second quarter of 2024.”

NBS said the growth rate is higher than the 2.51% recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98%.

It also said the performance of the GDP in the second quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 3.79% and contributed 58.76% to the aggregate GDP.

NBS said the agriculture sector grew by 1.41%, from the growth of 1.50% recorded in the second quarter of 2023.

The growth of the industry sector, said the NBS, was 3.53%, an improvement from -1.94% recorded in the second quarter of 2023.

The report said: “In terms of share of the GDP, 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 an aggregate GDP of N52,103,927.13 million, indicating a year-on-year nominal growth of 16.94%.

“For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”