By Abiola Olawale
Nigeria’s real Gross Domestic Product (GDP) grew by 0.21 percentage points to 3.19 per cent in the second quarter of 2024 (Q2’24), a report by the National Bureau of Statistics (NBS) has revealed.
According to the report from NBS, the GDP grew from 2.98 per cent in Q1’24 to 3.19 per cent in Q2’24.
A breakdown of the report revealed that the performance of the GDP in Q2’24 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.
The report reads in part: “Nigeria’s Gross Domestic Product (GDP) grew by 3.19 per cent (year-on-year) in real terms in Q2’24.
“This growth rate is higher than the 2.51 per cent recorded in the second quarter of 2023 and higher than the Q1’24 growth of 2.98 per cent.
“The performance of the GDP in Q2’24 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.
“The agriculture sector grew by 1.41 per cent from the growth of 1.5 per cent recorded in the second quarter of 2023.
“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 industry and services sectors contributed more to the aggregate GDP in Q2’24 compared to the corresponding quarter of 2023.”
The report also showed that the oil sector grew by 10.15 per cent in Q2’24, while the non-oil sector growth was 2.8 per cent during the 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 Mbps 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 real growth of the oil sector was 10.15 per cent (year-on-year) in Q2’24, indicating an increase of 23.58 percentage points relative to the rate recorded in the corresponding quarter of 2023 (-13.43 per cent). Growth increased by 4.45% points when compared to Q1’24 which was 5.7 percent.
“ On a quarter-on-quarter basis, the oil sector recorded a growth rate of -10.51 per cent in Q2’24. “The Oil sector contributed 5.7 per cent to the total real GDP in Q2’24, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.34 per cent and 6.38 per cent, respectively.
The non-oil sector grew by 2.8 per cent in real terms during the reference quarter (Q2’24).
“This rate was lower by 0.78 percentage points compared to the rate recorded in the same quarter of 2023, which was 3.58 per cent, and relatively the same as the 2.8 per cent recorded in the first quarter of 2024.
“This sector was driven in the second quarter of 2024 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop production); Trade; and Manufacturing (Food, Beverage, and Tobacco), accounting for positive GDP growth.
“In real terms, the non-oil sector contributed 94.3 per cent 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 per cent and higher than the first quarter of 2024 recorded as 93.62 per cent.”
