May 25, 2024

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

The New Diplomat

Writer

Nigeria’s FX Reserves Surge to $41bn Under Tinubu, But Still Lower Than Obasanjo’s $67bn

By Abiola Olawale Nigeria’s foreign exchange (FX) reserves have reached a 44-month high, climbing to $41 billion as of August 19, 2025, according to data from the Central Bank of Nigeria (CBN). According to recent data from the CBN, this milestone reflects a steady accumulation driven by strategic economic reforms, increased oil production, and enhanced…

August 21, 2025 • Economy

Trump slaps sanctions on Canadian International Criminal Court judge

The Trump administration slapped a Canadian judge on the International Criminal Court with sanctions as the U.S. State Department continues to push back on the tribunal. The State Department said Wednesday that Kimberly Prost was sanctioned for “ruling to authorize the ICC’s investigation into U.S. personnel in Afghanistan.” The ICC website says Prost has been…

August 21, 2025 • News

Reprieve as Trump’s half-billion-dollar civil fraud penalty is voided by court

By Obinna Uballa A New York state appeals court on Thursday overturned a civil fraud penalty of more than $500 million imposed on President Donald Trump, ruling that the monetary sanction violated the U.S. Constitution. The Appellate Division of the New York State Supreme Court held that the fine—initially set at $454 million and now…

August 21, 2025 • Headline,

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%.

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%.”

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.

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.

Share this news

News