Nigeria’s Gross Domestic Product (GDP) experienced a year-on-year growth of 3.19% in real terms during the second quarter of 2024.
The GDP growth rate surpasses the 2.51% recorded in the second quarter of 2023 and the 2.98% growth seen in the first quarter of 2024.
The GDP performance in Q2 2024 was primarily driven by the Services sector, which grew by 3.79% and contributed 58.76% to the total GDP. The agriculture sector saw a growth of 1.41%, slightly down from the 1.50% growth recorded in Q2 2023.
The industry sector improved significantly, with a growth of 3.53%, compared to the -1.94% decline observed in the second quarter of 2023.
In terms of GDP share, the industry and services sectors contributed more to the total GDP in the second quarter of 2024 compared to the same period in 2023.
Oil sector
The oil sector contributed 5.70% to the total real GDP in Q2 2024, an increase from the 5.34% recorded in the same period of 2023, but a decrease from the 6.38% contribution in the preceding quarter.
- The oil sector experienced a real growth of 10.15% year-on-year in Q2 2024, marking a significant increase of 23.58 percentage points compared to the -13.43% recorded in the same quarter of 2023.
- This growth also represents a 4.45 percentage point rise from the 5.70% recorded in Q1 2024.
- However, on a quarter-on-quarter basis, the oil sector saw a decline, with a growth rate of -10.51% in Q2 2024.
- Nigeria recorded an average daily oil production of 1.41 million barrels per day (mbpd), in Q2, 2024 which is 0.19 mbpd higher than the average 1.22 mbpd recorded in the same quarter of 2023.
However, this figure is 0.16 mbpd lower than the 1.57 mbpd produced in the first quarter of 2024.
Non-oil sector
The non-oil sector contributed 94.30% in real terms to the nation’s GDP in the second quarter of 2024.
- This is slightly lower than the 94.66% share recorded in the second quarter of 2023 but higher than the 93.62% contribution in the first quarter of 2024.
- The non-oil sector grew by 2.80% in real terms during Q2 2024.
- This growth rate was 0.78 percentage points lower than the 3.58% recorded in the same quarter of 2023, and it matched the 2.80% growth seen in the first quarter of 2024.
The sector’s performance in Q2 2024 was primarily driven by Financial and Insurance (Financial Institutions), Information and Communication (Telecommunications), Agriculture (Crop Production), Trade, and Manufacturing (Food, Beverage, and Tobacco), all of which contributed to positive GDP growth.
