Nigeria’s Gross Domestic Product (GDP) has recorded a growth rate of 3.19% in the second quarter of 2024, driven by the services sector, which grew by 3.79% and contributed 58.76% to the total GDP.
The National Bureau of Statistics (NBS) released the GDP report on Monday, indicating a modest four basis points improvement from the Q1 2024 level of 2.98%.
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The services sector’s growth was driven by financial and insurance, information and communication, agriculture, trade, and manufacturing.
President Bola Tinubu welcomed the latest GDP report, stating, “Our economy is recovering. Sooner than later, Nigerians will begin to feel, see, and enjoy the impact of his administration’s economic re-engineering efforts.”
However, Professor Uche Uwaleke noted that the aggressive hike in monetary policy rate in the early part of the year took a toll on output in Q2 2024. “This may explain the decline recorded in major contributors to GDP, such as manufacturing, trade, ICT, and real estate.”
