Nigeria’s Gross Domestic Product (GDP) experienced a year-on-year growth of 3.19% increase in real terms during the second quarter of 2024.
This is contained in a report released to the general public by the National Bureau of Statistics (NBS) on Monday, August 26, 2024.
Statistics has it that the recent GDP growth rate outgrows and surpasses the 2.51% recorded in the second quarter of 2023 to the 2.98% growth rate that is now seen in the first quarter of 2024.
The performance of the Gross Domestic Product recorded in the second quarter of 2024 was primarily and majorly driven by the services sector, which increased by 3.79% and contributed 58.76% to the total GDP of the nation.
The agricultural sector accumulated a percentage growth of 1.41%, slightly down from the 1.50% growth recorded in the second quarter of 2023.
The industry sector also improved significantly, with a growth of 3.53%, as compared to the -1.94% decline and reduction observed in the second quarter of 2023.
The National Bureau of Statistics (NBS), had announced that Nigeria’s headline inflation rate came down to 33.40% in July 2024, down from 34.19% in June 2024.
The statistics shows that the decline experienced was in line with the expectations of financial analysts who projected that the country’s inflation would take a new turn from July to August, 2024.
Nigeria is one of the most developed countries in Africa, and services sums up the largest sector of the economy, accounting for about 50 percent of total GDP.
One of the fastest growing and blooming segments in services across the country is Information and Communication, which accounts for about 10 percent of the total output of the economic landscape.
Agriculture being the biggest sector, now weights around 23 percent, while crude petroleum and natural gas constitute only 11 percent of the total Gross Domestic Product, being the main exports, industry and construction account for the remaining 16 percent of the Gross Domestic Product analysis.
According to reports of the Nigeria Bureau Of Statistics, the Gross Domestic Product (GDP) in Nigeria stagnated 0 percent in the second quarter of 2024 over the previous quarter estimate, stating that, the GDP Growth rate in Nigeria averaged 0.49 percent from 2010 until 2024, reaching an all-time high of 12.12 percent in the third quarter of 2020 and a record low of -16.10 percent in the first quarter of 2024.
With the economic landscape somewhat improving, the Central Bank of Nigeria (CBN) is unlikely to raise interest rates from 26.75 percent and above respectively.
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