Nigeria’s economy grew 3.19% year on year in the second quarter of 2024, statistics agency data showed on Monday.
Africa’s largest economy saw its Gross Domestic Product (GDP) grow by 3.19% year-on-year in real terms in the second quarter of 2024. This is an increase from 2.98% in Q1 2024 and 2.51% in the same period last year, according to the National Bureau of Statistics (NBS).
Key Highlights:
- Services Sector: The primary driver of GDP growth in Q2 2024 was the Services sector, which expanded by 3.79% and contributed 58.76% to the total GDP.
- Agriculture Sector: The agriculture sector grew by 1.41%, a slight decrease from the 1.50% growth recorded in Q2 2023.
- Industry Sector: The industry sector showed significant improvement, growing by 3.53% compared to a decline of -1.94% in Q2 2023.
The report indicates that both the industry and services sectors made a larger contribution to the GDP in Q2 2024 than in the corresponding quarter of 2023.
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