GDP Records 2.98% Growth in Q1

James Emejo in Abuja

Nigeria’s Gross Domestic Product (GDP) grew by 2.98 per cent (year-on-year) in real terms in the first quarter of 2024, the National Bureau of Statistics (NBS) said Friday.
The growth rate was higher 2.31 per cent than recorded in the corresponding quarter of 2023 and lower than 3.46 per cent in Q4 2023.
According to the Nigerian GDP Report Q1 2024, which was released by the statistical agency, growth was driven mainly by the services sector, which recorded a growth of 4.32 per cent and contributed 58.04 per cent to aggregate GDP.
The agriculture sector grew by 0.18.per cent, from -0.90 per cent recorded in Q1 2023.
The growth of the industry sector was 2.19 per cent, an improvement from 0.31 per cent 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.

Details later…