The Nigerian economy grew by 3.19 per cent in the second quarter of 2024, this was mainly driven by the service sector, new data released on Monday show.
Africa’s biggest economy saw its Gross Domestic Product (GDP) grow by 3.19 per cent (year-on-year) in real terms in Q2 2024, from 2.98 per cent in Q1 2024 and 2.51 per cent in the same period last year, according to the National Bureau of Statistics (NBS).
“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 further disclosed that the agriculture sector grew by 1.41 per cent, from the growth of 1.50 per cent recorded in the second quarter of 2023.
However, the growth of the industry sector was 3.53 per cent, an improvement from -1.94 per cent recorded in Q2’23. 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.
Analysts at the Financial Derivatives Company (FDC) had earlier predicted that Q2 ’24 GDP to show a 3.16 per cent modest increase; the annual average likely at 3.07 per cent, in line with the International Monetary Fund’s (IMF) revised projection.
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