Growth in Nigeria: How Oil and Services Propel GDP Expansion

Tuesday, 27 August 2024, 05:20

Growth in Nigeria's economy surged to 3.19% in Q2 2024, led by a strong performance in the oil and services sectors. The crude oil sector played a crucial role, alongside significant contributions from services. This upward trend highlights a vital period for Nigeria's economic landscape.
Ecofinagency
Growth in Nigeria: How Oil and Services Propel GDP Expansion

Overview of Nigeria's GDP Growth

Growth in Nigeria's real GDP reached 3.19% in Q2 2024, reflecting a vibrant economy during the period. One of the key driving forces has been the oil sector, whose revival significantly contributed to this uptick.

Sector Contributions

During this quarter, the services sector also played a pivotal role. It reported impressive growth rates, showcasing resilience in an ever-shifting economic environment.

  • Crude oil sector: A vital contributor to growth.
  • Services sector: Key driver of economic expansion.
  • Agriculture and industry sectors also saw growth rates of 1.41% and 3.53%, respectively.

Looking Ahead

The promising growth figures during this quarter suggest a positive outlook for Nigeria's economy. As investment flows into the oil and services sectors, further growth may be anticipated.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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