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Nigeria’s GDP grew by 3.19% in Q2 2024 amid hardship

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4 months ago

August 26, 2024

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The service sector pushed Nigeria’s Gross Domestic growth by 3.19 percent on a year-on-year basis in real terms in the second Quarter of 2024, higher than the 2.51 percent recorded in the corresponding quarter last year.

The National Bureau of Statistics disclosed this in its latest Nigeria Gross Domestic Product Q2 2024 released on Monday.

The Q2 2024 GDP data is higher than the first quarter of 2024 growth of 2.98 percent.

Accordingly, 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.

Further analysis showed that the agriculture sector grew by 1.41 percent, from the growth of 1.50 percent recorded in the second quarter of 2023. The growth of the industry sector was 3.53 percent, an improvement from -1.94 percent recorded in the second quarter of 2023.

In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023. In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms.

This performance is higher when compared to the second quarter of 2023 which recorded aggregate GDP of N52,103,927.13 million, indicating a year-on-year nominal growth of 16.94 percent.

Meanwhile, the Director General of the World Trade Organization, WTO and former Nigeria’s Minister of Finance Ngozi Okonjo-Iweala said that Nigeria’s GDP growth has been recording a steady decline since 2014.

The development comes as Nigerians continue to groan about economic hardship and the rising cost of living under President Bola Ahmed Tinubu’s administration.