By Stanley Onyeka, Lagos
The National Bureau of Statistics (NBS), yesterday, put Nigeria’s annual gross domestic product (GDP) at 3.19% for the second quarter (Q2) of 2024.
The GDP report showed the growth rate is higher than the 2.51% recorded in Q2 2023 and 2.98% in Q1 2024, and also above local and foreign estimates.
Growth was buoyed by Services 58.76%, Agriculture 22.61%, and Industries 18.62%, respectively, which “contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023,” the report said.
In a further breakdown, the report said: “The agriculture sector grew by 1.41% from the growth of 1.5% recorded in the second quarter of 2023.
“The growth of the industry sector 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 aggregate GDP in Q2’24 compared to the corresponding quarter of 2023.”
The oil sector bounced back sharply by 10.15%, as according to the Bureau: “The nation 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% (year-on-year) in Q2’24, indicating an increase of 23.58 percentage points relative to the rate recorded in the corresponding quarter of 2023 (-13.43 percent). Growth increased by 4.45% points when compared to Q1’24 which was 5.7%.
“On a quarter-on-quarter basis, the oil sector recorded a growth rate of -10.51% in Q2’24. The Oil sector contributed 5.7% to the total real GDP in Q2’24, 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.”
In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in Q2’24 compared to the corresponding quarter of 2023.
Non-oil sector
Similarly, the report said the non-oil sector remained positive at 2.80% in the period under review, even as: “This rate was lower by 0.78 percentage points compared to the rate recorded in the same quarter of 2023 which was 3.58% and relatively same with the 2.8% recorded in the first quarter of 2024.”
It added that “This sector was driven in the second quarter of 2024 mainly 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 94.3% 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%.”
Nominal GDP
The report put the nominal GDP for Q2 2024 at N60.93 trillion while the real GDP was N18.29 trillion.
“In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms.
“This performance is higher when compared to the second quarter of 2023 which recorded aggregate GDP of N52,103,927.13 million, indicating a year-on-year nominal growth of 16.94%,” the report said.
