Nigeria’s GDP Expands 2.98% Year-on-Year in Q1 2024

Nigeria’s GDP grew by 2.98% in the first quarter of 2024, a slight decrease from the 3.46% recorded in Q4 2023 but an improvement from the 2.31% in Q1 2023, according to the National Bureau of Statistics. The Services sector was the main driver, with a 4.32% growth, contributing 58.04% to the GDP. The agricultural sector saw a modest increase of 0.18%, rebounding from a -0.90% decline in the previous year. The industry sector also improved, growing by 2.19% compared to 0.31% in Q1 2023. In nominal terms, Nigeria’s GDP for Q1 2024 was N58.86 trillion ($39.77 billion) up from N51.24 trillion ($34.62 billion) in Q1 2023, marking a 14.86% year-on-year growth. Crop production, trade, and telecommunications were significant contributors, with the Services sector having the most substantial impact on the overall GDP performance.

SOURCE: CNBC