According to recent research, Nigeria's Gross Domestic Product increased modestly in the first quarter of 2024. However, this is lower than the previous quarter's figures. The Services sector was the primary driver of the GDP's performance in the first quarter of 2024, while the agricultural sector also recorded a slight increase.
- Nigeria's GDP increased by 2.98% in the first quarter of 2024, lower than the previous quarter's figures.
- Agricultural sector contributed the most to the growth, followed by trade.
- Service sector drove the GDP growth with a 4.32% increase, contributing 58.04% to the aggregate GDP.
A report by the country’s National Bureau of Statistics showed that Nigeria’s Gross Domestic Product (GDP) grew by 2.98% (year-on-year) in real terms in the first quarter of 2024. The report however showed that this was lower than the 3.46% recorded in Q4 of 2023, but slightly higher than the figures recorded a year prior during the same period. Q1 figure of 2023 came in at e 2.31%.
Of the activities that contributed to the recent figure of the real GDP crop production came in first, with trade following close behind and telecommunications coming in third. However, the service sector combined contributed the most to the GDP growth.
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“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 report reads.
“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,” it added.
In nominal terms, the total GDP for the reviewed quarter was N58,855,142.27 million. Compared to the first quarter of 2023, when the aggregate GDP was reported at N51,242,151.21 million, this performance is better.
“In the quarter under review, aggregate GDP stood at N58,855,142.27 million in nominal terms. This performance is higher when compared to the first quarter of 2023 which recorded aggregate GDP of N51,242,151.21 million, indicating a year-on-year nominal growth of 14.86%,” the report revealed.
