Nigeria’s GDP drops to 2.98% in Q1 2024 – NBS

Nigeria’s Gross Domestic Product (GDP) growth dropped to 2.98 per cent in the first quarter (Q1) of 2024.

Data released by the National Bureau of Statistics (NBS) on Friday shows that the rate is lower than that recorded in the fourth quarter of 2023 which was 3.46 per cent.

It, however, noted that the GDP growth rate in the quarter is higher than the figure recorded in the corresponding quarter of 2023 which was 2.31 per cent.

The NBS report attributed the GDP performance in the quarter under review to the services sector, which grew by 4.32 per cent and contributed 58.04 per cent to the overall GDP.

It said the agriculture sector saw a modest growth of 0.18 per cent, improving from a decline of -0.90 per cent in the first quarter of 2023, while the industry sector experienced a growth of 2.19 per cent, up from 0.31 per cent in the same period last year.

The report further highlighted that in terms of GDP share, the services sector contributed more to the aggregate GDP in the first quarter of 2024 compared to the corresponding quarter of 2023.

It revealed that the aggregate GDP for the quarter under review was N58,855,142.27 million in nominal terms, representing a higher performance compared to the first quarter of 2023, which recorded an aggregate GDP of N51,242,151.21 million, indicating a year-on-year nominal growth of 14.86 per cent.

Nigeria’s GDP drops to 2.98% in Q1 2024 – NBS

Nigeria’s Gross Domestic Product (GDP) growth dropped to 2.98 per cent in the first quarter (Q1) of 2024.

Data released by the National Bureau of Statistics (NBS) on Friday shows that the rate is lower than that recorded in the fourth quarter of 2023 which was 3.46 per cent.

It, however, noted that the GDP growth rate in the quarter is higher than the figure recorded in the corresponding quarter of 2023 which was 2.31 per cent.

The NBS report attributed the GDP performance in the quarter under review to the services sector, which grew by 4.32 per cent and contributed 58.04 per cent to the overall GDP.

It said the agriculture sector saw a modest growth of 0.18 per cent, improving from a decline of -0.90 per cent in the first quarter of 2023, while the industry sector experienced a growth of 2.19 per cent, up from 0.31 per cent in the same period last year.

The report further highlighted that in terms of GDP share, the services sector contributed more to the aggregate GDP in the first quarter of 2024 compared to the corresponding quarter of 2023.

It revealed that the aggregate GDP for the quarter under review was N58,855,142.27 million in nominal terms, representing a higher performance compared to the first quarter of 2023, which recorded an aggregate GDP of N51,242,151.21 million, indicating a year-on-year nominal growth of 14.86 per cent.

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