Despite complaints that the huge investments in the agricultural sector did not yield the desired outcome, the sector is said to have contributed to the national gross domestic products GDP in the second quarter of this year. This is the submission on Monday of the National Bureau of Statistics (NBS), which said that Nigeria’s Gross Domestic Product (GDP) grew by 3.19 per cent on a year-on-year basis in the second quarter of 2024.
This growth rate, NBS said, is higher than the 2.51 per cent recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98 per cent.
The performance of the GDP in the second quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate GDP.
Also, the agriculture sector grew by 1.41 per cent from the growth of 1.50 per cent recorded in the second quarter of 2023. The growth of the industry sector was 3.53 percent from -1.94 percent reported in the second quarter of 2023.
In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023.
Subsequently In the quarter under review, aggregate GDP at basic price stood at N60.9m in nominal terms. performance is higher when compared to the second quarter of 2023 which recorded an aggregate GDP of N52.1m, indicating a year-on-year nominal growth of 16.94 per cent.