Overview of GDP in Quarter Two 2024

Introduction: Overall Quarter Two 2024 Performance

This is a review of the Nigerian Gross Domestic Product (GDP) report produced by the National Bureau of Statistics (NBS) for the second quarter of 2024. The description of Nigeria’s entire system of production of goods and services shows that the GDP grew by 3.19% (year-on-year) in real terms in the second quarter (Q2) of 2024. This surpassed
the second quarter of 2023 growth rate of 2.51% and the first quarter of 2024 growth of 2.98%. The quarterly GDP figures have been undulating since the beginning of 2023 having recorded 2.31%, 2.51%, 2.54% and 3.46 in the first, second, third and fourth quarters of 2023. The GDP figures are contrasted with a yearly population growth of
about 3%. The nominal GDP for the quarter was N60.93trillion while the real GDP stood atN18.29trillion. The difference according to experts being that the real GDP tracks the total value of goods and services calculating the quantities but using constant prices that are adjusted for inflation. This is opposed to nominal GDP, which does not account for inflation.
The top ten contributing activities to the real GDP in the quarter in percentages were crop production – 20.35; trade – 16.39; telecommunications and information services – 16.36; financial institutions – 6.04; crude petroleum and natural gas – 5.70; real estate – 5.17; food, beverage and tobacco – 4.44; construction – 3.17; professional, scientific and technical services – 3.00; and broadcasting – 2.54. The dominance of crop production in a country where agriculture is still led by small scale farmers, mostly rain fed and lacks necessary mechanization and inputs, points in the direction of an economy where the factors of production have not been optimally harnessed.