Nigeria’s Gross Domestic Product (GDP) grew by 3.19 percent (year-on-year) in real terms in Q2 2024, from 2.98 percent in Q1 2024 and 2.51 percent 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.
According to the GDP report by NBS, here are the highest contributing sectors to the GDP growth in the first quarter of 2024:
Agriculture
The Agriculture sector contributed 22.61 percent to overall GDP in real terms in the second quarter of 2024, lower than the contribution in the second quarter of 2023 at 23.01 percent and higher than the first quarter of 2024 which stood at 21.07 percent.
Information and Communication
The Information and communication sector contributed 19.78 percent in the second quarter of 2024, higher than in the same quarter of the previous year at 19.54 percent and higher than in the first quarter of 2024 at 17.89 percent.
Read also: Stocks gain N36bn as investors cheer Nigeria GDP report
Trade
The trade sector’s contribution to GDP was 16.39 percent, lower than the 16.8 percent in the previous year, and higher than the 15.7 percent recorded in the first quarter of 2024.
Manufacturing
The Real contribution to GDP in the 2024 second quarter was 8.46 percent, lower than the 8.62 percent recorded in the second quarter of 2023 and lower than the 9.98 percent in the first quarter of 2024.
Finance and Insurance
The contribution of Finance and Insurance to real GDP totalled 6.57 percent, higher than the contribution of 5.26 percent recorded in the second quarter of 2023 by 1.31 percent points, and lower than 6.81 percent recorded in Q1 2024 by 0.24 percent points.
Mining and Quarrying
The contribution of mining and quarrying to real GDP in the second quarter of 2024 was at 5.83 percent, higher than the rate of 5.58 percent recorded in the corresponding quarter of 2023 and lower than the 6.47 percent recorded in the first quarter of 2024.
Oil Sector
The Oil sector contributed 5.70 percent to the total real GDP in Q2 2024, up from the figure recorded in the corresponding quarter of 2023 and down from the preceding quarter, at5.34 percent and 6.38 percent respectively.
Read also: Tinubu applauds 3.2% 2nd quarter GDP growth rate
Real Estate
The real estate sector contributed 5.17 percent to real GDP in Q2 2024, lower than the 5.29 percent it recorded in the corresponding quarter of 2023. It was also lower than the 5.20 percent recorded in the first quarter of 2024.
Construction
The Construction sector’s contribution to total real GDP was 3.17 percent in the second quarter of 2024; lower than its contribution of 3.23 percent in the same quarter of the previous year, and lower than in the immediate past quarter where it contributed 4.01 percent.
Professional services
Professional, Scientific and Technical Services contributed 3.00 percent to aggregate GDP in Q2 2024, lower than 3.05 percent in Q2 2023 and lower than the 3.19 percent recorded in Q1 2024.
Uche Uwaleke, director, Institute of Capital Market Studies, said that the aggregate GDP growth of 3.1 percent in the second quarter of 2024 may not significantly impact people owing to the growing population.
“3.1 percent is still weak if we look at the average we have done in the last 5-6 years. It’s been under 2.5 percent and there’s a situation where the population is growing above the GDP growth rate, so there won’t be much of that impact,” he said in an exclusive interview with Arise News.
