The National Bureau of Statistics (NBS) has announced that Nigeria’s annual gross domestic product (GDP) increased by 3.19 percent in the second quarter (Q2) of 2024. This new growth rate surpasses the 2.51 percent recorded in Q2 2023 and is also higher than the 2.98 percent growth rate observed in Q1 2024.

In a report released on Monday, the NBS highlighted this improvement, indicating a positive trajectory for Nigeria’s economy. The increase marks a notable development compared to the same period last year, showcasing resilience and potential recovery amid various economic challenges.

Economic analysts will closely monitor this trend, as the GDP growth rate is a key indicator of the country’s economic health and stability. The NBS’s latest figures suggest that Nigeria is on a path of sustained growth, which could positively impact employment, investment, and overall economic development in the months to come.