In its Q2 2024 GDP Report on Monday, the Bureau said Nigeria’s GDP rose year-on-year in real terms in the second quarter of 2024.

“This growth rate is higher than the 2.51% recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98%,” the NBS stated.

The NBS said the performance of the GDP in the second quarter of 2024 was driven mainly by the services sector, which recorded a growth of 3.79% and contributed 58.76% to the aggregate GDP.

“The agriculture sector grew by 1.41%, from the growth of 1.50% recorded in the second quarter of 2023. The growth of the industry sector was 3.53%, an improvement from -1.94% recorded in the second quarter of 2023.

“In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023.

“In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms.

“This performance is higher when compared to the second quarter of 2023 which recorded aggregate GDP of N52,103,927.13 million, indicating a year-on-year nominal growth of 16.94%,” the Bureau stated.

According to the latest report from the bureau, the nation’s current growth rate stands at 2.98%, showing an increase from the 2.31% recorded in the same quarter in 2023 but a decrease from the 3.46% recorded in the fourth quarter (Q4) of 2023.

The NBS released this information in its GDP report for Q1 2024.

“Nigeria’s Gross Domestic Product (GDP) grew by 2.98% (year-on-year) in real terms in the first quarter of 2024. This growth rate is higher than the 2.31% recorded in the first quarter of 2023 and lower than the fourth quarter of 2023 growth of 3.46%,” the report read.

“The performance of the GDP in the first quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 4.32% and contributed 58.04% to the aggregate GDP.

“The agriculture sector grew by 0.18%, from the growth of -0.90% recorded in the first quarter of 2023. The growth of the industry sector was 2.19%, an improvement from 0.31% recorded in the first quarter of 2023.

“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the first quarter of 2024 compared to the corresponding quarter of 2023.”

Group Acting Chief Economist and Vice President, African Development Bank (AfDB), Mr Kevin Urama, said this in a statement posted on AfDB website on Tuesday.

Urama added that Africa needed 1.6 trillion dollars between 2022 and 2030 to meet its nationally determined contributions (NDCs).

According to the statement, the AfDB vice president said this on Sept. 7 at a panel discussion on the sidelines of Egypt International Cooperation Forum (Egypt-ICF 2022) in Cairo.

NDCs embody efforts by each country to reduce national emissions and adapt to the impacts of climate change.

They are submitted by countries under the Paris Agreement of the United Nations Framework Convention on Climate Change.

The panel discussion was titled, “African Countries Ownership in Determining Climate Agenda.”

“Collectively, African countries received only 18.3 billion dollars in climate finance between 2016 and 2019. This results in a climate finance gap of up to 1288.2 billion dollars annually from 2020 to 2030.

“Climate change affects Africa severely, while the continent contributes to only three per cent of global emissions,” said Urama.

He reiterated the need for the global community to meet its 100-billion-dollar commitment to help the developing countries and African economies to mitigate the impacts of climate change and to adapt to it.

“Investing in climate adaptation in the context of sustainable development is the best way to cope with the climate change impacts; gas must remain included in the continent’s plan for the gradual transition to clean energy,” he said.

He also affirmed that Africa had great potential in terms of green investment opportunities that the private sector, including banks, could tap into.

Egyptian Environment Minister, Yasmine Fouad, highlighted Egypt’s National Strategy for Alignment for both climate mitigation and adaptation, which had five key pillars.

“The first pillar focuses on how we can adopt a low greenhouse path, which centers on the sectors around renewable transport, gas, industry and waste.

“The second one relates to adaptation and how best to make the communities more resilient. The third and fourth ones are focused on how to protect coastal zones and have more accessibility and availability of water.

“The last one is about the need for developing more smart and integrated concoctions and that’s the stereotype of a strategy on climate,” said Fouad.

He, however, added that the fight against climate change needed an integration among the government, civil society and the private sector.

Ghada Wally, Executive Director of the United Nations Office on Drugs and Crime (UNODC) said women and young people were among Africa’s best assets.

Wally, who is also Director-General of the United Nations Office in Vienna, stressed the importance of exploring avenues to tap into “this significant asset for the sake of the continent’s sustainable development.”

The Egypt-ICF 2022 was held from Sept. 7 to 9 in Cairo.

This is an improvement from the 3.11 percent growth recorded in the previous quarter.

On a year-on-year basis, NBS said the second quarter of 2022 growth rate decreased by 1.47 percent points from the 5.01 percent growth rate recorded in the corresponding quarter in 2021.

According to the report, the non-oil sector GDP grew by 4.77 percent in real terms but was lower by 1.97 percent points compared to the rate recorded same quarter of 2021 and 1.31 percent points lower than the first quarter of 2022.

The oil sector economy declined with a 11.77 percent dip year-on-year in Q2 2022, compared to a contraction of 26.04% recorded in Q1 2022.

The Special Adviser to the on Civic Engagement, Princess Aderemi Adebowale, disclosed this while unveiling the programmes and activities for the civic week and the launch of the Sanwo-Olu Cares initiative.

Adebowale said the grant to the residents which comes through a social welfare intervention program is in line with the administration’s T.H.E.M.E.S agenda aimed at addressing every sector of the state.

She stressed that the grant should be seen as ‘setting on the path’ for citizens who are able to contribute their quota to the economic development of the state.

“Beneficiaries of the social welfare inclusive initiative would be encouraged to invest 50% of the grant received in a small-scale business. The office of Civic Engagement has partnered with some companies to assist our citizens to actualize these goals by planning and monitoring the growth of their small-scale business.” Adebowale added.

According to her, the week-long programme championed by the Lagos State Office of Civic Engagement which is set to commence on Friday the 20th and end on Boxing Day, 26th December also has other activities lined up for the development of Lagos.

The Special Adviser hinted that aside from the empowerment initiative scheduled to hold at the Eko FM Marquee, Alausa, Ikeja, other activities that will inculcate social values in children and youth, serving as a guideline for achieving widespread civic engagement through planned programmes of action has been included in the event.

“We aim at building a people-centered Lagos by adopting a variety of engaging activities as a channel to inspire individuals to be active participants in the process of nation-building. Engaging citizens remains our ultimate goal. We can only improve Lagos through our collective effort.”

Office of Civic engagement disclosed that there will be social visitations to Churches, Mosques as well as senior citizens, and relief materials will be distributed to them.