Politics
Economic Growth: Nigeria’s GDP Hits 3.19% In Second Quarter Of 2024
Economic Growth: Nigeria’s GDP Hits 3.19% In Second Quarter Of 2024
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Nigeria’s economy demonstrated resilience in the second quarter of 2024, as the country’s real Gross Domestic Product (GDP) grew by 3.19%. This marks a modest increase from the 2.98% growth seen in the first quarter of the year, reflecting a 0.21 percentage point rise. The National Bureau of Statistics (NBS) revealed these figures in its latest GDP report released today.
The report emphasized that the growth was primarily fueled by the Services sector, which achieved a substantial 3.79% increase. This sector’s strong performance played a crucial role in boosting the overall economy, contributing 58.76% to the total GDP in the second quarter of 2024.
According to the report:
“Nigeria’s Gross Domestic Product (GDP) grew by 3.19 percent (year-on-year) in real terms in Q2’24. This growth rate is higher than the 2.51 percent recorded in the second quarter of 2023 and higher than the Q1’24 growth of 2.98 percent. The performance of the GDP in Q2’24 was driven mainly by the Services sector, which recorded a growth of 3.79 percent and contributed 58.76 percent to the aggregate GDP.”
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