• About
  • Advertise
  • Contact
Thursday, October 23, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

Nigeria’s GDP Rises By 3.19 Percent In Q2 2024 – NBS

Vital News by Vital News
August 26, 2024
in Economy
0
Nigeria’s Inflation Rate Jumps To 33.2%
Share on FacebookShare on Twitter

The National Bureau of Statistics (NBS) on Monday announced that the country’s Gross Domestic Product (GDP) rose by 3.19% year-on-year in the second quarter of 2024.

The NBS stated this in its Q2 GDP report released on Monday in Abuja.

It said the growth in the GDP, the parameter used to measure a country’s economic growth, was driven by service and the agricultural sectors.

According to the report, the economy experienced a year-on-year growth of 3.19% in real terms during the period .

The report said : “This growth rate surpassed the 2.51% recorded in the second quarter of 2023 and the 2.98% growth seen in the first quarter of 2024.

RelatedStories

Olubadan Set Up Committee To Revamp Moribund Industries, Revamp Abandoned Ibadan Urban Renewal Programme

‎IMPI Revises Inflation Rate Projection To 14% From 17% For December

FAAC Shares N2.103 trillion September 2025 Revenue Among FG, States, LGs

Dangote Seeks Urgent Legal Backing For “Nigeria First” Policy To Drive Growth In Manufacturing Sector

“The GDP performance in Q2 2024 was primarily driven by the Services sector, which grew by 3.79% and contributed 58.76% to the total GDP.

“The agriculture sector recorded a growth of 1.41%, slightly down from the 1.50% recorded in Q2 2023.

“The industry sector improved significantly, with a growth of 3.53%, compared to the -1.94% decline observed in the second quarter of 2023.

“In terms of GDP share, the industry and services sectors contributed more to the total GDP in the second quarter of 2024 compared to the same period in 2023.

“The oil sector contributed 5.70% to the total real GDP in Q2 2024, an increase from the 5.34% recorded in the same period of 2023, but a decrease from the 6.38% contribution in the preceding quarter.

“The oil sector experienced a real growth of 10.15% year-on-year in Q2 2024, marking a significant increase of 23.58 percentage points compared to the -13.43% recorded in the same quarter of 2023.

“This growth also represents a 4.45 percentage point rise from the 5.70% recorded in Q1 2024.

“However, on a quarter-on-quarter basis, the oil sector saw a decline, with a growth rate of -10.51% in Q2 2024.

“The non-oil sector contributed 94.30% in real terms to the nation’s GDP in the second quarter of 2024.

“This is slightly lower than the 94.66% share recorded in the second quarter of 2023 but higher than the 93.62% contribution in the first quarter of 2024.

“The non-oil sector grew by 2.80% in real terms during Q2 2024.

“This growth rate was 0.78 percentage points lower than the 3.58% recorded in the same quarter of 2023, and it matched the 2.80% growth seen in the first quarter of 2024.”
(vitalnewsngr.com)

 

Tags: GDPnon - oilOilsector
Previous Post

Governor Ododo Felicitates Capt. Idris Wada On 74th Birthday

Next Post

Purchase Of New Aircraft For Presidential Fleet, A Necessity, Timely -TDF

Vital News

Vital News

RelatedStories

Olubadan Set Up Committee To Revamp Moribund Industries, Revamp Abandoned Ibadan Urban Renewal Programme
Economy

Olubadan Set Up Committee To Revamp Moribund Industries, Revamp Abandoned Ibadan Urban Renewal Programme

October 23, 2025
‎IMPI Welcomes First Interest Rate Cut In Five Years, Says CBN Decision Aligns With Its Projection
Economy

‎IMPI Revises Inflation Rate Projection To 14% From 17% For December

October 22, 2025
FAAC Shares N2.22 trillion August 2025 Revenue Among Federal, States, Local Governments
Economy

FAAC Shares N2.103 trillion September 2025 Revenue Among FG, States, LGs

October 17, 2025
Dangote Seeks Urgent Legal Backing For “Nigeria First” Policy To Drive Growth In Manufacturing Sector
Economy

Dangote Seeks Urgent Legal Backing For “Nigeria First” Policy To Drive Growth In Manufacturing Sector

October 16, 2025
Capital Inflows Into Nigeria Up By 67.12% In Q1 2025
Economy

Nigeria’s Inflation Drops To 18.02pct

October 15, 2025
Next Post

Purchase Of New Aircraft For Presidential Fleet, A Necessity, Timely -TDF

Abiodun Tasks Religious Leaders on Peaceful Co-existence Among Residents

Abiodun Tasks Religious Leaders on Peaceful Co-existence Among Residents

Measles Outbreak Kills 42 Persons In Adamawa

Osun Records Two Caes Of Mpox

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Aiyedatiwa Approves N73,000 Minimum As New Minimum Wage For Ondo Workers

Aiyedatiwa Approves N73,000 Minimum As New Minimum Wage For Ondo Workers

1 year ago

Ayinde, American – Nigerian music Director jailed 90 years for raping his six daughters

4 years ago
APC, PDP Fight Over Billboards In Kwara

Councillor, 3 Others Killed In Ondo Land Dispute

3 years ago
Military Confirms Killing Of Commanding Officer, Two Majors, One Captain, 12 Soldiers In Delta State

President Tinubu Praises Military For Eliminating Wanted Terrorist, Halilu Sububu

1 year ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu US
No Result
View All Result

Highlights

Dangote Group Denies Ownership Of Truck In Akungba-Akoko Accident

Former Minister, Tanimu Turaki, Emerges Northern PDP Consensus Candidate As National Chairman

Trailer Crushes Female University Lecturer To Death In Lokoja

Governor Adeleke Appoints Davido Chairman Of Osun State Sports Trust Fund

FG Warns Buyers To Stay Off ARCEDEM, Radio Nigeria Land, Four Other Landed Property In Oyo

‎IMPI Revises Inflation Rate Projection To 14% From 17% For December

Trending

Olubadan Set Up Committee To Revamp Moribund Industries, Revamp Abandoned Ibadan Urban Renewal Programme
Economy

Olubadan Set Up Committee To Revamp Moribund Industries, Revamp Abandoned Ibadan Urban Renewal Programme

by Vital News
October 23, 2025
0

The Olubadan of Ibadanland, Oba Rashidi Adewolu Ladoja has set up a committee to revamp moribund industries...

Your Exit Will Not In Anyway Affects Fortune Of PDP – Makinde To Atiku

Oyo Dares FG Over Lands, Says ARCEDEM, Radio Nigeria, NTA, NIHORT Lands Acquired In Public Interest

October 23, 2025
Professor Amupitan Resumes Office As New INEC Chairman

Professor Amupitan Resumes Office As New INEC Chairman

October 23, 2025
Dangote Denies Ownership Of Truck Involved In Enugu Accident

Dangote Group Denies Ownership Of Truck In Akungba-Akoko Accident

October 23, 2025
Former Minister, Tanimu Turaki, Emerges Northern PDP Consensus Candidate As National Chairman

Former Minister, Tanimu Turaki, Emerges Northern PDP Consensus Candidate As National Chairman

October 23, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Olubadan Set Up Committee To Revamp Moribund Industries, Revamp Abandoned Ibadan Urban Renewal Programme October 23, 2025
  • Oyo Dares FG Over Lands, Says ARCEDEM, Radio Nigeria, NTA, NIHORT Lands Acquired In Public Interest October 23, 2025
  • Professor Amupitan Resumes Office As New INEC Chairman October 23, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In