Nigeria’s GDP Grew By 2.98% In One Year, Says NBS

By: The New Diplomat

Cat:

May 25, 2024

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By Joel Okwara

The National Bureau of Statistics (NBS) said Nigeria’s Gross Domestic Product (GDP) grew by 2.98% in one year in real term first quarter 2024.
This was contained in its document titled: “National Gross Domestic Product Q1 2024.”

The document also said the 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%.

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NBS said: “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%.”

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The report said 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.

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It said 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, said NBS, was 2.19%, an improvement from 0.31% recorded in the first quarter of 2023.

The Bureau said, 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.

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