Data from the NBS) shows that Nigeria’s gross domestic product (GDP) grew by 3.19 percent year-on-year in the second quarter (Q2) of 2024
A statement from Bayo Onanuga, the presidential aide, said the report confirms the economy’s recovery, following earlier data showing a decline in food and headline inflation.
The GDP represents the total market value of all final goods and services produced within an economy in a given period of time.In the period under review, Nigeria’s average daily oil production stood at 1.41 million barrels per day . This, the NBS said, is 0.16 million bpd lower than the 1.57 million bpd produced in the first quarter of 2024.
The NBS said the sector contributed 5.7 percent to the total real GDP in Q2 2024 — higher than the 5.34 percent recorded in the same period last year, but lower than the 6.38 percent contribution from the previous quarter.TheCable Index analysis also showed that the non-oil sector grew by 2.8 percent in real terms in Q2 2024. The data body said the figure was a decline of 0.78 percentage points from the 3.58 percent growth recorded in the same quarter last year — but steady compared to the 2.
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