Nigeria’s Economy Records 3.19% Growth in Second Quarter of 2024
Nigeria’s Gross Domestic Product (GDP) growth has seen a significant increase, with the service sector driving the growth at 3.19% on a year-on-year basis in real terms in the second quarter of 2024. This marks a higher growth rate compared to the 2.51% recorded in the corresponding quarter last year.
According to the National Bureau of Statistics, 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% and contributed 58.76% to the aggregate GDP. The industry sector also saw a growth of 3.53%, an improvement from -1.94% recorded in the second quarter of 2023.
The agriculture sector, however, recorded a growth of 1.41%, which is lower than the 1.50% recorded in the second quarter of 2023.
The aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms, indicating a year-on-year nominal growth of 16.94% compared to the second quarter of 2023, which recorded an aggregate GDP of N52,103,927.13 million.
This growth comes as a relief to Nigerians who have been grappling with economic hardship and a rising cost of living under President Bola Ahmed Tinubu’s administration. However, the Director General of the World Trade Organization, Ngozi Okonjo-Iweala, has warned that Nigeria’s GDP growth has been recording a steady decline since 2014.
The recent growth is seen as a positive development, but it remains to be seen whether it will be sustainable in the long term.
