August 27, 2024/United Capital Research

Nigeria’s real Gross Domestic Product (GDP) grew by 3.19% y/y in real terms in Q2-2024. This growth rate is higher than the 2.51% y/y recorded in Q2-2023 and higher than Q1- 2024 growth of 2.98% y/y. The expansion in Q2-2024 was despite the continued headwinds in the macroeconomic environment (persistent global and domestic inflationary pressures), depreciating Naira and high interest rates.

The strong performance was mainly driven by the Services sector, which recorded a growth of 3.79% y/y and contributed 58.76% to the aggregate GDP. The Agricultural sector, which accounted for 22.61% of Nigeria’s GDP, grew by 1.41% y/y, from the growth of 0.18% y/y recorded in Q2-2023. Meanwhile, the Industry sector grew by 3.53% y/y in Q2-2024, an improvement from the growth of 2.19%y/y in Q1-2024 and the contraction of 1.94% recorded in Q2-2023. 

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