The National Bureau of Statistics (NBS) announced in a report published on Monday, August 26, 2024, that Nigeria's real GDP growth reached 3.19% year-on-year in the second quarter of 2024 compared to 2.98% in the previous quarter.

The increase in the pace of GDP growth in Nigeria is mainly due to the good performance of the service sector and the increase in crude oil production. According to the information, the service sector grew by 3.79% year-on-year in the second quarter, bringing its contribution to the country's GDP to 58.76%

For its part, the oil sector, which accounts for most government revenue and about 90% of foreign exchange reserves, grew by 10.15%. Crude oil production averaged 1.41 million barrels per day between 1 April and 30 June of the current year compared to 1.22 million barrels per day during the same period last year. The agricultural and industrial sectors grew by 1.41% and 3.53% respectively in the second quarter of