Nigeria's real GDP growth reached 3.19% year-on-year in the second quarter of 2024, up from 2.98% in the previous quarter. The figures were reported yesterday by the National Bureau of Statistics (NBS).

According to the document, this uptick is largely attributed to strong performances in the services sector and increased crude oil production. The services sector grew by 3.79% year-on-year in the second quarter, contributing 58.76% to the nation's GDP. The oil sector, which remains the primary source of government revenue and accounts for about 90% of Nigeria's foreign exchange reserves, saw a robust growth of 10.15%. Crude oil production averaged 1.41 million barrels per day between April 1 and June 30, 2024, compared to 1.22 million barrels per day during the same period last year.

In addition, the agriculture and industry sectors recorded growth rates of 1.41% and 3.53%, respectively, over the period under review.

Despite these gains, Nigeria's economic growth is still far from the 6% target set by President Bola Tinubu when he took office in May 2023. The International Monetary Fund (IMF) projects a 3.1% economic growth rate for the country this year.