Research Document: NESG GDP Alert 2024 Q2

Posted Thu, Aug 29, 2024 8:10 AM

The Nigerian economy grew by 3.19 percent in 2024Q2, representing a fast pace of expansion compared to the growth of 2.98 percent in 2024Q1, respectively. The country posted a cumulative growth of 3.1 percent in the first half of 2024. On a quarterly basis, the real Gross Domestic Product (GDP) grew marginally by 0.04 percent in 2024Q2 compared with a contraction of 16.1 percent in 2024Q1. The oil and non-oil sectors contributed to the overall growth, but growth in the former outpaced that of the latter. The oil sector grew faster by 10.2 percent in 2024Q2 than 5.7 percent in 2024Q1. Conversely, the non-oil sector expanded by 2.8 percent in 2024Q2, the same growth recorded in 2024Q1. The sustained growth in the oil sector was driven largely by the improvement in domestic crude oil production and global oil prices. The average domestic crude oil production rose to 1.4 million barrels per day (mbpd) in 2024Q2 from 1.2mbpd in 2023Q2. On the other hand, global oil prices increased by 8.7 percent (year-on-year) in 2024Q2.