May 24, 2024

Nigeria’s Gross Domestic Product (GDP) grew by 2.98% (year-on-year) in real terms in the first quarter of 2024, according to the National Bureau of Statistics (NBS) on Friday.

In its latest teport on the nation’s GDP growth, the NBS said, 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 states further that 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.

“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 was 2.19%, an improvement from 0.31% 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.