Nigeria’s Gross Domestic Product (GDP) saw a notable year-on-year increase of 3.19% in real terms during the second quarter of 2024. This growth represents a significant acceleration compared to the 2.51% recorded in the same period of 2023 and surpasses the 2.98% growth achieved in the first quarter of this year.
The second-quarter performance was largely propelled by the Services sector, which posted a robust growth rate of 3.79%. This sector remains a dominant force in Nigeria’s economy, contributing a substantial 58.76% to the overall GDP. The services sector’s impressive growth underscores its vital role in driving economic activity and stability.
In contrast, the Agriculture sector experienced a modest growth of 1.41% in Q2 2024, a slight decrease from the 1.50% growth recorded in the same period last year. This reduction highlights ongoing challenges within the agricultural sector, which has been grappling with issues such as fluctuating commodity prices and adverse weather conditions.
On a more positive note, the Industry sector exhibited a significant turnaround. After a challenging period marked by a -1.94% decline in the second quarter of 2023, the sector rebounded with a substantial growth rate of 3.53% in Q2 2024. This remarkable recovery reflects improvements in industrial production and a more favorable business environment, which have bolstered manufacturing and construction activities.
The broader economic context for this growth is shaped by a combination of domestic and international factors. Nigeria’s ongoing economic reforms, including investments in infrastructure and efforts to stabilize the macroeconomic environment, have created a more conducive atmosphere for economic expansion. Additionally, global economic conditions, such as fluctuations in oil prices and international trade dynamics, have influenced Nigeria’s economic performance.
