According to the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) grew by 2.98% in real terms in the first quarter of 2024, representing a year-on-year increase.
This growth rate surpasses the 2.31% recorded in the first quarter of 2023 but falls short of the 3.46% growth achieved in the fourth quarter of 2023.
The NBS stated, “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 Services sector drove the GDP performance, expanding by 4.32% and contributing 58.04% to the overall GDP. The Agriculture sector experienced a modest growth of 0.18%, rebounding from a decline of -0.90% in the first quarter of 2023. The Industry sector also saw improvement, growing by 2.19% compared to 0.31% in the same period last year.
The Bureau noted, “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.”
In terms of sectoral contributions to the GDP, the Services sector played a more significant role in the first quarter of 2024 compared to the corresponding quarter in 2023.
This growth indicates a positive trend in Nigeria’s economy, with the Services sector leading the way.
However, the Agriculture and Industry sectors also showed signs of improvement, suggesting a more diversified economic growth.