Nigeria’s Gross Domestic Product (GDP) has experienced a year-on-year growth of 3.19% in real terms during the second quarter of 2024.

This is according to the latest National Bureau of Statistics (NBS) data on Monday, August 26, 2024.

The GDP growth rate surpasses the 2.51% recorded in the second quarter of 2023 and the 2.98% growth seen in the first quarter of 2024.

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 saw a growth of 1.41%, slightly down from the 1.50% growth 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.

Recently the NBS announced that Nigeria’s headline inflation rate decreased to 33.40% in July 2024, down from 34.19% in June 2024.

The decline was in line with the expectations of Financial analysts who projected that the country’s inflation would cool off from July to August.

With economic conditions somewhat improving, the Central Bank of Nigeria (CBN) is unlikely to raise interest rates from 26.75 percent.