Nigeria’s Gross Domestic Product (GDP) rose by 3.19% year-on-year in the second quarter of this year.
The growth in the GDP, the parameter used to measure a country’s economic growth, was
driven by service and the agricultural sectors.
The National Bureau of Statistics (NBS) disclosed this in its Q2 GDP report released on Monday in Abuja.
According to the report, the economy experienced a year-on-year growth of 3.19% in real terms during the period .
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This growth rate surpassed the 2.51% recorded in the second quarter of 2023 and the 2.98% growth seen in the first quarter of 2024.
The GDP performance in Q2 2024 was primarily driven by the Services sector, which grew by 3.79% and contributed 58.76% to the total GDP.
The agriculture sector recorded a growth of 1.41%, slightly down from the 1.50% recorded in Q2 2023.
By: Babajide Okeowo
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