National Telescope national telescope newspaper
Nigeria’s Gross Domestic Product (GDP) expanded by 3.19% in the second quarter of 2024, as reported by the National Bureau of Statistics (NBS).
This growth marks an improvement compared to the 2.51% growth recorded in the same period last year and the 2.98% in the first quarter of 2024.
The NBS report, released on Monday, highlighted the Services sector as the primary driver of this growth, with a notable expansion of 3.79%, contributing 58.76% to the total GDP.
The Industry sector also experienced significant recovery, growing by 3.53%, a sharp contrast to the contraction of -1.94% observed in Q2 2023.
However, the Agriculture sector registered only modest growth, increasing by 1.41%, slightly down from the 1.50% recorded in the same quarter of the previous year.
In nominal terms, Nigeria’s GDP at basic prices stood at N60.93 trillion, reflecting a year-on-year increase of 16.94% from N52.10 trillion in Q2 2023. The real GDP was slightly higher at N18.29 trillion, compared to N18.28 trillion in Q1 2024.
The report also indicated a decline in average daily oil production, which fell to 1.41 million barrels per day (mbpd) from 1.57 mbpd in Q1 2024. However, this was still an improvement from the 1.22 mbpd recorded in Q2 2023. The oil sector saw a year-on-year growth of 10.15%, a remarkable recovery from the -13.43% contraction in the same period last year.
President Bola Tinubu responded positively to the GDP report, viewing it as proof that Nigeria’s economy is on the right track.
In a statement released by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu emphasised that the growth is indicative of the early successes of his administration’s economic reforms.
“Our economy is recovering, and soon Nigerians will begin to see and feel the impact of our efforts,” Tinubu stated.
He therefore urged Nigerians to stay optimistic and not be swayed by critics of the ongoing reforms, reaffirming the government’s commitment to building a resilient economy.
Tinubu also expressed confidence in the future of Nigeria’s crude oil production, predicting a rise to around two million barrels per day soon.
The non-oil sector grew by 2.80% in Q2 2024, driven by sectors such as Financial Services, Telecommunications, Agriculture, Trade, and Manufacturing. This sector contributed 94.30% to the nation’s GDP, slightly lower than the 94.66% recorded in Q2 2023 but higher than the 93.62% in Q1 2024.
