Nigeria’s Gross Domestic Product (GDP) recorded a year-on-year growth of 3.19% in Q2 2024, showing an increase from 2.98% in Q1 2024 and 2.51% in the same period last year, as reported by the National Bureau of Statistics (NBS). This growth was primarily driven by the Services sector, which saw an impressive 3.79% growth and contributed 58.76% to the overall GDP.
Below is a breakdown of the top 10 sectors that played a pivotal role in Nigeria’s economic performance during the second quarter of 2024:
1. Agriculture
The Agriculture sector remains a cornerstone of Nigeria’s economy, contributing 22.61% to the total GDP in real terms during Q2 2024. Although slightly lower than the 23.01% recorded in the same quarter last year, it marked an increase from the 21.07% contribution in Q1 2024.
2. Information and Communication
This sector significantly boosted GDP, contributing 19.78% in Q2 2024. This represents a rise from the 19.54% seen in the same quarter of 2023 and an even more substantial increase from the 17.89% recorded in Q1 2024.
3. Trade
The Trade sector’s contribution to GDP stood at 16.39% in Q2 2024. Though slightly down from the 16.8% recorded in the previous year, it showed improvement over the 15.7% contribution in the first quarter of this year.
4. Manufacturing
Manufacturing contributed 8.46% to the GDP in the second quarter, a slight decrease from the 8.62% recorded in Q2 2023 and a more significant drop from 9.98% in Q1 2024. This highlights some challenges in the sector despite its importance to the economy.
5. Finance and Insurance
This sector contributed 6.57% to the GDP, reflecting a notable increase from 5.26% in Q2 2023 but a slight decline from the 6.81% recorded in the first quarter of 2024.
6. Mining and Quarrying
The Mining and Quarrying sector accounted for 5.83% of the GDP in Q2 2024, an increase from 5.58% in Q2 2023. However, it was slightly lower than the 6.47% contribution recorded in Q1 2024.
7. Oil Sector
The Oil sector, traditionally a significant contributor, accounted for 5.70% of the GDP in Q2 2024. This was an increase from 5.34% in the same quarter last year but a decrease from the 6.38% seen in the preceding quarter.
8. Real Estate
Real Estate contributed 5.17% to the GDP in Q2 2024, which was slightly lower than both the 5.29% in Q2 2023 and the 5.20% in Q1 2024. The sector continues to play a vital role in the Nigerian economy despite these marginal declines.
9. Construction
The Construction sector added 3.17% to the GDP in Q2 2024, showing a minor decline from 3.23% in the same quarter of the previous year and a more significant drop from 4.01% in Q1 2024.
10. Professional Services
Contributing 3.00% to the GDP in Q2 2024, Professional, Scientific, and Technical Services saw a slight decline from 3.05% in the corresponding quarter of 2023 and 3.19% in Q1 2024.
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