Nigeria Grows Economy by 2.98% in Q1-2024
Nigeria’s Gross Domestic Product (GDP) grew by 2.98% (year-on-year) in real terms in the first quarter of 2024, the statistics office said on Friday in a report. 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 National Bureau of Statistics (NBS) said.
The statistics office noted 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.
In the period, 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. According to the GDP breakdown, the oil sector remained positive, albeit slowed to 5.70% in Q1-24 amid a 0.9% year-on-year increase in average crude oil production.
Nigeria’s oil production settled at 1.54 million barrels in the first quarter of 2024, an increase from 1.53 million barrels recorded in the fourth quarter of 2023.
In the first quarter of 2023. Nigeria produced 1.53 million oil per day on average. Consequently, the oil sector contributed 6.38% to the total GDP, an improvement compared to the 4.70% the sector contributed in Q-4 2023.
Similarly, the non-oil sector grew slower by 2.80% year on year in Q1-2024. Accordingly, the non-oil sector contributed 93.62% to the total GDP, down from 95.30% in the latter part of 2023.
From a sectoral perspective, Agriculture GDP slowed by 0.18% from +2.10% in Q4 2023, Industries GDP moderated by 2.19% from +3.86% in Q4-2023, while Services GDP increased to 4.32% from +3.98% in Q4-2024.
In terms of contributions, Services, Agriculture, and Industries have a total of 58.04%, 21.07% and 20.89% of overall output growth, respectively. # Nigeria Grows Economy by 2.98% in Q1-2024
