• About Us
  • Contact Us
  • Privacy & Policy
Friday, September 12, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

NIGERIA ON THE PATH TO ECONOMIC RECOVERY: 2nd Quarter 2024 GDP Growth Exceeds Expectations

Vincent Amadi by Vincent Amadi
August 27, 2024
in Economy
Reading Time: 3 mins read
A A
0
NIGERIA ON THE PATH TO ECONOMIC RECOVERY: 2nd Quarter 2024 GDP Growth Exceeds Expectations
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram

The Nigerian economy is on the rise, with gross domestic product (GDP) growing by 3.19% year-on-year in the second quarter of 2024.

According to a report by the National Bureau of Statistics (NBS), this growth was mainly driven by the services sector, which grew by 3.79% and contributed almost 59% to GDP.

In contrast, the agriculture sector recorded a slight decline of 1.41%, while the industrial sector recovered from its previous drop with a growth of 3.53%.

Overall, nominal GDP reached 60.93 trillion naira, up 16.94 percent year-on-year.

GDP grew by 3.19% real (year-on-year) in the second quarter of 2024. This growth rate is higher than the 2.51 percent growth in the second quarter of 2023 and the 2.98 percent growth in the first quarter of 2024.

Total GDP at constant prices for the quarter was nominal 60.93 trillion naira, which recorded a total GDP of 52.103 trillion naira, a nominal growth of 16.94 percent year-on-year. This was stated in new data released yesterday by the National Bureau of Statistics (NBS). Real GDP for the second quarter, adjusted for inflation, is 18.29 trillion naira.

GDP development in the second quarter of 2024 was mainly driven by the services sector, which recorded a growth of 3.79 percent and contributed 58.76 percent to the total GDP. The agriculture sector grew by 1.41 percent compared to 1.50 percent growth in the second quarter of 2023.

The growth rate of the industrial sector was 3.53 percent, improving from -1.94 percent in the second quarter of 2023. In terms of their share of GDP, the industrial and service sectors contributed more to the total GDP in the second quarter of 2024 compared to the corresponding quarter of 2023.

The real growth rate of the oil sector in the second quarter of 2024 was 10.15% (year-on-year), an increase of 23.58% from the growth rate recorded in the corresponding quarter of 2023 (-13.43%). The growth rate increased by 4.45 percentage points compared to 5.70% in the first quarter of 2024. On a quarterly basis, the oil sector recorded a growth rate of minus 10.51 percent in the second quarter of 2024.

The oil sector’s contribution to total real GDP in the second quarter of 2024 was 5.70 percent, which is higher than the same period in 2023, but less than the contributions of 5.34 percent and 6.38 percent in the previous quarter, respectively.

The non-oil sector grew by 2.80 percent in real terms in the reference quarter (2nd quarter of 2024). This rate was 0.78 percentage points lower than the 3.58 percent recorded in the same quarter of 2023 and relatively comparable to the 2.80 percent recorded in the first quarter of 2024.

In the second quarter of 2024, the sector was dominated by finance and insurance (financial institutions); information and communications (telecommunications); agriculture (crop production); trade; and manufacturing (food, beverages, and tobacco), which were responsible for the positive growth of GDP. The agriculture sector grew nominally by 2.86 percent year-on-year in the second quarter of 2024, registering a decrease of 8.57 percentage points compared to the same quarter of 2023. This was an increase of 2.09 percentage points compared to the previous quarter’s growth rate of 0.77 percent.

Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

Dangote Refinery reduces fuel price nationwide, sets new date for direct petrol distribution
Economy

Dangote Refinery reduces fuel price nationwide, sets new date for direct petrol distribution

8 minutes ago
Manufacturing and agric sectors decline threaten Nigeria’s industrialisation
Economy

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

3 weeks ago
FG launches initiative to cut overhead cost
Economy

FG launches initiative to cut overhead cost

3 weeks ago
Grant tax relief to media houses —Ex-NNPCL spokesman tells FG
Economy

Grant tax relief to media houses —Ex-NNPCL spokesman tells FG

3 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Dangote Refinery reduces fuel price nationwide, sets new date for direct petrol distribution
Economy

Dangote Refinery reduces fuel price nationwide, sets new date for direct petrol distribution

8 minutes ago
Gov Idris planning to destabilise Kebbi state with mercenaries, illegal arms — Ex Minister of Justice, Malami
National

Gov Idris planning to destabilise Kebbi state with mercenaries, illegal arms — Ex Minister of Justice, Malami

11 minutes ago
2027: New applications for political parties’ registration now at 144 — INEC
National

INEC shortlists 14 associations out of 171 for political party registration

13 minutes ago
NUPENG threatens fresh strike as deal with Dangote over tanker drivers  collapses
National

NUPENG threatens fresh strike as deal with Dangote over tanker drivers  collapses

20 minutes ago
Nigeria to host rural connectivity summit as 20m lack internet access
National

FG removes 5% telecom tax on voice, data services

23 minutes ago
NCAA Orders Airlines to Blacklist Unruly Passengers, Protect Airline Staff
National

NCAA Orders Airlines to Blacklist Unruly Passengers, Protect Airline Staff

24 hours ago

POLITICS

I will break second term jinx in Ekiti – Gov Oyebanji

I will break second term jinx in Ekiti – Gov Oyebanji

24 hours ago
Peter Obi Can Return to PDP Without Wike Obstruction – Jacob Mark

Oyo PDP blasts APC protest over Makinde’s N300bn loan approval

2 days ago
More governors set to defect to APC – Yilwatda

More governors set to defect to APC – Yilwatda

2 days ago
Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election

Update: ADC sets up disciplinary committee to resolve Abia leadership crisis

3 days ago
APC acting like terrorist organisation, says ADC over Lagos attack

APC acting like terrorist organisation, says ADC over Lagos attack

4 days ago
Breaking News: APC National Chairman Ganduje Resigns

Ganduje Denies Defection to ADC, Reaffirms APC Loyalty

5 days ago

YOUR ECONOMY

Dangote Refinery reduces fuel price nationwide, sets new date for direct petrol distribution
Economy

Dangote Refinery reduces fuel price nationwide, sets new date for direct petrol distribution

8 minutes ago
Manufacturing and agric sectors decline threaten Nigeria’s industrialisation
Economy

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

3 weeks ago
FG launches initiative to cut overhead cost
Economy

FG launches initiative to cut overhead cost

3 weeks ago
Grant tax relief to media houses —Ex-NNPCL spokesman tells FG
Economy

Grant tax relief to media houses —Ex-NNPCL spokesman tells FG

3 weeks ago
Rice farmers blame middlemen for continuous price hike
Economy

Rice farmers blame middlemen for continuous price hike

4 weeks ago
Naira appreciates against dollar on the weekend
Economy

Naira appreciates against dollar on the weekend

4 weeks ago

E & P

Lookman Wins Atalanta Player of the Month of September 2024
Sports

Siasia to Chelle: Rely on Lookman, Arokodare

by Steven Atogi
3 days ago
0

Former Nigeria coach, Samson Siasia has advised Super Eagles manager Eric Chelle to maximise Ademola Lookman’s set-piece ability and Tolu...

Chelsea Push £78m Fermin Lopez Transfer Bid

Chelsea Push £78m Fermin Lopez Transfer Bid

2 weeks ago
The Rise And Fall Of Sports Institute, Isaka

The Rise And Fall Of Sports Institute, Isaka

3 weeks ago
KTF Launches Free Youth Tennis Clinic in Port Harcourt

KTF Launches Free Youth Tennis Clinic in Port Harcourt

4 weeks ago
‘It’s a shame’ – Ex-Newcastle striker, Andy Carroll blasts Isak over transfer move

‘It’s a shame’ – Ex-Newcastle striker, Andy Carroll blasts Isak over transfer move

4 weeks ago
NPFL Suspends S’Eagles Goalkeeper Over Betting Allegations

NPFL Suspends S’Eagles Goalkeeper Over Betting Allegations

1 month ago

YOUR THOUGHT & HISTORY

HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE
Opinion

HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE

by Odini Brains
5 days ago
Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents
National

Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents

by Odini Brains
5 days ago
The Rise And Fall Of Sports Institute, Isaka
Columns

The Rise And Fall Of Sports Institute, Isaka

by Tammy Opoki
3 weeks ago
Tribute to Old Port Harcourt Boy (Peter Rufai)
Columns

Tribute to Old Port Harcourt Boy (Peter Rufai)

by Tammy Opoki
2 months ago
A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent
Columns

A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent

by Odini Brains
2 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Dangote Refinery reduces fuel price nationwide, sets new date for direct petrol distribution

Dangote Refinery reduces fuel price nationwide, sets new date for direct petrol distribution

September 12, 2025
Gov Idris planning to destabilise Kebbi state with mercenaries, illegal arms — Ex Minister of Justice, Malami

Gov Idris planning to destabilise Kebbi state with mercenaries, illegal arms — Ex Minister of Justice, Malami

September 12, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address