Nigeria’s Gross Domestic Product (GDP) grew by 3.19% year-on-year (YoY) in real terms in the second quarter of 2024, which 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 performance of the GDP in the second quarter of 2024 was driven mainly by the Services sector, which recorded an increase of 3.79% and contributed 58.76% to the aggregate GDP. The Agricultural sector grew by 1.41%, from the 1.50% growth recorded in the second quarter of 2023. The Industry sector’s growth 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 GDP in the second quarter of 2024 compared to the same period in 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 than the second quarter of 2023, which recorded an aggregate GDP of N52,103,927.13 million, indicating a year-on-year nominal growth of 16.94%. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.
The Oil Sector
In the second quarter of 2024, recorded an average daily oil production of 1.41 million barrels per day (mbpd), higher than the daily average production of 1.22 mbpd recorded in the same quarter of 2023 by 0.19 mbpd and lower than the first quarter of 2024 production volume of 1.57 mbpd by 0.16mbpd
The real growth of the oil sector was 10.15% (YoY) in Q2 2024, indicating an increase of 23.58% relative to the rate recorded in the corresponding quarter of 2023 (-13.43%). Growth increased by 4.45% compared to Q1 2024, which was 5.70%. The oil sector recorded a growth rate of -10.51% in Q2 2024 on a quarter-on-quarter (QoQ) basis. The Oil sector contributed 5.70% to the total real GDP in Q2 2024, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.34% and 6.38%, respectively.
The Non-Oil Sector
The non-oil sector grew by 2.80% in real terms during the reference quarter (Q2 2024). This rate was lower by 0.78% compared to the rate recorded in the same quarter of 2023, which was 3.58%, and relatively same with the 2.80% recorded in the first quarter of 2024. The sector was driven by Financial and Insurance (Financial Institutions), Information and Communication (Telecommunications), Agriculture (Crop production), Trade, and Manufacturing (Food, Beverage, and Tobacco), accounting for positive GDP growth.
In real terms, the non-oil sector contributed 94.30% to the nation’s GDP in the second quarter of 2024, lower than the share recorded in the second quarter of 2023, which was 94.66% and higher than the first quarter of 2024 recorded as 93.62%. Watch out for the
