Nigeria’s economy has shown a promising boost in the second quarter of 2024, with a remarkable 3.19 per cent growth in its Gross Domestic Product (GDP) in real terms.
According to the National Bureau of Statistics (NBS) GDP added a 2.51 per cent growth recorded in the same period last year and the 2.98 per cent growth seen in the first quarter of 2024.
The Services sector was the driving force behind this growth, expanding by an impressive 3.79 per cent and contributing a substantial 58.76 per cent to the total GDP.
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While the Agriculture sector experienced a slight dip in growth, from 1.50 per cent in Q2 2023 to 1.41 per cent in Q2 2024, the Industry sector made a remarkable turnaround, bouncing back from a -1.94 per cent decline in Q2 2023 to a robust 3.53 per cent growth in Q2 2024.
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Furthermore, Nigeria’s inflation rate has shown a downward trend, decreasing from 34.19 per cent in June 2024 to 33.40 per cent in July 2024, aligning with financial analysts’ projections.
It was revealed that the improvement in economic conditions may lead the Central Bank of Nigeria (CBN) to maintain the current interest rate of 26.75 per cent, rather than raising it, to support the country’s continued economic growth.
Overall, Nigeria’s economy is demonstrating resilience and potential for further expansion, driven by the Services sector and a rebound in the Industry sector, alongside a stabilizing inflation rate.
