Nigeria GDP to rise 3.19% in Q2 2024 – NBS

Nigeria’s Gross Domestic Product (GDP) rose by 3.19% year-on-year in the second quarter of this year.

GDP growth, a parameter used to measure a country’s economic growth, is
driven by the services and agriculture sectors.

The National Bureau of Statistics (NBS) disclosed this in its Q2 GDP report released on Monday in Abuja.

According to the report, the economy experienced year-on-year growth of 3.19% in real terms during the period.

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This growth figure surpasses the 2.51% recorded in the second quarter of 2023 and the 2.98% growth seen in the first quarter of 2024.

GDP performance in Q2 2024 was mainly driven by the Services sector which grew by 3.79% and contributed 58.76% to total GDP.

The agriculture sector recorded a growth of 1.41%, slightly down from 1.50% recorded in Q2 2023.

By: Babajide Okeowo

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