Nigeria BIP Veränderung zum Vorjahr

Nigeria's economy grew by 3.19% year-on-year in Q2 2024, accelerating from 2.98% in the previous three-month period. The crucial oil sector expanded by 10.15% in Q2, much faster than 5.70% in the previous period, driven by increased oil output. Average daily crude oil production reached 1.41 million barrels per day in Q2, slightly down from 1.57 million bpd in Q1 2024 but notably higher than 1.22 million bpd in the same period last year. Additionally, the non-oil sector maintained solid growth at 2.80%, consistent with the pace in Q1, primarily driven by robust performance in the services sector, which expanded by 3.79% and accounted for 58.76% of GDP. Key contributors included Financial and Insurance services (28.79%) and Information and Communication, particularly telecommunications, which grew by 5.17%. Meanwhile, the industrial sector advanced by 3.53% and the agricultural sector rose by 1.41%. On a quarterly basis, the GDP was almost flat in Q2, following a 16.1% decline in Q1.