Ogasabi on 9am news reports that Nigeria’s GDP experienced a significant growth of 3.19% in real terms during the second quarter of 2024, compared to the same period in 2023. This marks an improvement over the 2.51% growth recorded in Q2 2023 and the 2.98% growth seen in the first quarter of 2024.
Oil Sector Performance
The Services sector, which saw a 3.79% increase and contributed 58.76% to the total GDP in Q2 2024, was a key driver of this growth. However, the agriculture sector showed a slight decline in growth, registering a 1.41% increase, down from 1.50% in Q2 2023.
The industry sector showed a robust recovery, growing by 3.53% in Q2 2024, a stark contrast to the -1.94% decline seen in Q2 2023. Both the industry and services sectors contributed a larger share to the GDP in Q2 2024 compared to the same period in the previous year.
The oil sector’s contribution to real GDP stood at 5.70% in Q2 2024, an increase from 5.34% in Q2 2023 but a decrease from 6.38% in Q1 2024. The sector experienced substantial real growth of 10.15% year-on-year, a remarkable improvement of 23.58 percentage points from the -13.43% recorded in Q2 2023. However, quarter-on-quarter, the oil sector saw a decline, with a growth rate of -10.51% in Q2 2024. Nigeria’s average daily oil production was 1.41 million barrels per day (mbpd) in Q2 2024, up by 0.19 mbpd from the 1.22 mbpd recorded in Q2 2023, but 0.16 mbpd lower than the 1.57 mbpd produced in Q1 2024.
Non-Oil Sector Performance
In real terms, the non-oil sector contributed 94.30% to Nigeria’s GDP in Q2 2024, slightly below the 94.66% recorded in Q2 2023 but higher than the 93.62% contribution in Q1 2024. The non-oil sector grew by 2.80% in real terms during Q2 2024, which was 0.78 percentage points lower than the 3.58% growth in Q2 2023, but consistent with the 2.80% growth seen in Q1 2024.
The positive GDP growth in Q2 2024 was driven primarily by sectors such as Financial and Insurance (Financial Institutions), Information and Communication (Telecommunication), Agriculture (Crop Production), Trade, and Manufacturing (Food, Beverage, and Tobacco).
Stay tuned to 9am news Nigeria for more Breaking news and detailed analysis on this economic performance, as Ogasabi continues to bring you the latest updates.
