Nigerian Economy Grows by 3.19% in Q2-2024
Nigeria’s gross domestic product grew by 3.19% year on year in the second quarter of 2024, the statistics office said on Monday in a new report.
Recent data from the National Bureau of Statistics (NBS) revealed that the domestic economy sustained its positive growth momentum as the real GDP grew by 3.19% year on year versus 2.98% in the first quarter of the year.
The level of growth reported was also higher when compared with 2.51% year on year growth reported in the second quarter of 2023.
The growth outturn is 61bps lower than Cordros Capital estimate. According to the GDP breakdown, the oil sector rose sharply by 10.15% year on year in line with the improvement in crude oil production.
Specifically, average crude oil production rose by 15.6% year on year to 1.41 million barrels per day in Q2, compared to the 1.22 million barrels per day in Q2-2023, although this was lower than the 1.57 million barrels per day recorded in Q1-24.
Thus, the oil sector contributed 5.70% to the total GDP in the second quarter, according to data from the NBS as against 6.38% contributed in Q1-2024.
At the same time, the non-oil sector remained positive, growing by 2.80% year on year in Q2-2024. Accordingly, the non-oil sector contributed 94.30% to the total GDP in the period, up from 93.62% in Q1-2024.
Analysing the breakdown of three of the most significant components of the GDP: Agriculture grew stronger by 1.41%, and industries came in higher by 3.53% from +2.19% in the previous quarter; while services moderated to 3.79% from +4.32% in the first quarter of 2024.
In terms of contributions, Services, Agriculture, and Industries had a total of 58.76%, 22.61% and 18.62% of overall output growth, respectively. #Nigerian Economy Grows by 3.19% in Q2-2024
