….As Services Sector Contributes 58.76%
Nigeria’s Gross Domestic Product (GDP) grew by 3.19% (year-on-year) in real terms in the second quarter of 2024, the National Bureau of Statistics (NBS) reported on Monday.
The statistics agency, which gave this data in its ‘Nigeria Gross Domestic Product Q2 2024’ disclosed that the growth rate in the quarter was higher than the 2.51% recorded in the second quarter of 2023 and higher than the 2.98% recorded in first quarter of 2024.
The Bureau attributed the improved performance of the nation’s economic output in the second quarter was mainly driven by the Services sector, which recorded a growth of 3.79% and contributed 58.76% to the aggregate GDP.
The report further reflected that the agriculture sector grew by 1.41%, from the growth of 1.50% recorded in the second quarter of 2023 while the industry sector recorded 3.53%, growth, indicating an improvement from -1.94% recorded in the second quarter of 2023.
In addition, the statistics agency clarified that in terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in Q2 2024 compared to the corresponding quarter of last year.
In terms of monetary value, the Bureau reported that in the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms, higher than the N52,103,927.13 million, recorded in the second quarter of 2023.
The data showed that year-on-year, the nominal growth in the nation’s economy, which is broadly classified into the oil and non-oil sectors, grew by 16.94%.
