Nigeria’s Gross Domestic Product (GDP) grew by 3.1 % for the second quarter of 2024, according to figures released yesterday by the National Bureau of Statistics (NBS).
In its Q2 2024 report, the Bureau said Nigeria’s GDP rose year-on-year in real terms in the second quarter of 2024.
“This growth rate is higher than the 2.51% recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98%,” the NBS stated.
The NBS said 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 agriculture sector grew by 1.41%, from the growth of 1.50% recorded in the second quarter of 2023. The growth of the industry sector was 3.53%, an improvement from -1.94% 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%,” the Bureau stated.
The NBS report has been applauded by the government of President Ahmed Tinubu as a true reflection of its commitment to grow the economy.
Critics, have however, lampooned the report saying it did not reflect the reality on ground.
They also pointed to the dismal performance of the agricultural and industrial sectors in the report, saying the figures show that not much has been achieved.
