Nigeria’s Economy Surges: 3.19% Growth Rate in Q2 2024

According to new data released on Monday, the Nigerian economy grew by 3.19% in the second quarter of 2024, driven mainly by the services sector.
According to the National Bureau of Statistics (NBS), Africa’s largest economy’s real gross domestic product (GDP) growth rate rose to 3.19% (year-on-year) in the second quarter of 2024 from 2.98% in the first quarter of 2024, compared to 2.51% in the same period last year.

“The performance of the GDP in the second quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 3.79 percent and contributed 58.76 percent to the aggregate GDP,” the report said.
The GDP report also revealed that the agriculture sector grew by 1.41% compared to 1.50% in the second quarter of 2023.

However, industrial sector growth was 3.53%, improving from -1.94% in the second quarter of 2023. In terms of percentage of GDP, the industrial and service sectors contributed more to total GDP in Q2 2024 than in the corresponding quarter of 2023.
Analysts at Financial Derivatives Company (FDC) had previously forecast a modest increase in GDP of 3.16% in Q2 2024. The annual average is likely to be 3.07%, in line with the International Monetary Fund’s (IMF) revised forecast.