NIGERIA’s gross domestic product (GDP) grew by 3.19 per cent and influenced by the services sector on a year-on-year basis in real terms in the second quarter (Q2) of 2024, the National Bureau of Statistics (NBS) report has shown.

The report was released on Monday, August 26.

It indicates that the growth rate was higher than the 2.51 per cent recorded in the second quarter of 2023.

It is also higher than the 2.98 per cent the NBS reported in the first quarter of 2024.

According to the statistics office, the performance of the GDP in the quarter under review was driven mainly by the services sector.

It said the service sector 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, relative to the 1.50 per cent growth recorded in the second quarter of 2023.

Also, the NBS said growth of the industry sector was 3.53 per cent, improving from a negative of -1.94 per cent recorded in the corresponding quarter.

The industry and services sectors contributed more to the aggregate GDP in terms of share of the GDP  than last year’s second quarter report.

In the quarter under review, aggregate GDP at basic price stood at N60.93 trillion in nominal terms, from N52.10 trillion, indicating a year-on-year nominal growth of 16.94 per cent.

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

Oil sector and non-oil sectors contribution

In the review quarter, the oil sector contributed 5.70 per cent to the total real GDP, increasing from the 5.34 per cent period in 2023.

The non-oil sector contributed 94.30 per cent to the nation’s GDP in the second quarter of 2024, slightly lower than the 94.66 per cent in 2023

Nigeria recorded an average daily oil production of 1.41 million barrels per day (mbpd) in the second quarter of 2024, representing 0.19 mbpd higher than the 1.22 mbpd recorded in the same quarter of 2023.

The figure is 0.16 mbpd lower than the 1.57 mbpd produced in the first quarter of 2024, the NBS also reported.