Nigeria’s real GDP grew from 2.98% in Q1 to 3.19% in Q2, 2024. This is a 0.21 percentage point growth in real GDP between Q1 and Q2, 2024.
The real GDP increased from N18.28 trillion in Q1 to N 18.29 trillion in Q2.
This shows the major activity sectors of the economy grew in Q2, 2024.
The growth in real GDP was driven by the growth in the non-oil sector. It grew to 94.30% in Q2 from 93.62% in Q1.
The contribution of the oil sector declined from 6.38% in Q1 to 5.70% in Q2, 2024.
Despite the service sector being the major driver of the non-oil sector, it recorded a decline from 4.32% in Q1 to 3.79% in Q2. It declined by 0.53 percentage points.
This suggests activities within the service sector of the economy have declined within the last three months.
The highest contributing businesses in the service sectors were trade with 16.39%, telecommunication and information service – 16.36%, financial institutions – 6.04%, real estate – 5.17%, professional, scientific and technical services – 3% and broadcasting – 2.54%.
The industry’s sector grew from 2.19% in Q1 to 3.53% in Q2. The industry sector grew the most amongst the three non-oil sectors by 1.34 percentage points.
This might imply that there is an increase in the activities in the industry sector of the economy in Q2, 2024.
The growth in the industry sector in Q2, 2024 was led by Food, Beverage and Tobacco – 4.44% and Construction – 3.17%.
The agricultural sector showed great improvement in Q2 compared to its performance in Q1, 2024. The sector grew by 1.23 percentage points. It grew from 0.18% in Q1, 2024 to 1.41% in Q2, 2024.
On the other hand, the oil sector’s contribution to real GDP growth has declined from 6.38% in Q1 to 5.70% in Q2.
Overall, the growth rate in the non-oil sector remained the same between Q1 and Q2 while the oil sector’s growth rate has almost doubled within the same time period, according to the NBS data.
The non-oil sector growth rate remained at 2.80% between Q1, 2024 and Q2, 2024 while the oil sector growth rate moved from 5.70% in Q1, 2024 to 10.15% in Q2, 2024.