The National Bureau of Statistics (NBS) reported that Nigeria’s Gross Domestic Product (GDP) increased by 3.19% in the second quarter of 2024.

In its Q2 2024 GDP Report released on Monday, the Bureau stated that Nigeria’s GDP increased year on year in real terms in the second quarter of 2024.

“This growth rate is higher than the 2.51% recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98%,” according to the NBS.

According to the NBS, the GDP performance in the second quarter of 2024 was primarily driven by the services sector, which grew by 3.79% and accounted for 58.76% of total GDP.

“The agriculture industry rose by 1.41%, compared to 1.50% in the second quarter of 2023. The industry sector grew by 3.53%, up from -1.94% in the second quarter of 2023.

“In terms of proportion of GDP, the industry and services sectors contributed more to aggregate GDP in the second quarter of 2024 than in the same period in 2023.

“In the quarter under review, aggregate GDP at basic prices was 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 Census Bureau noted.