Nigeria’s economy saw a 2.98% growth in the first quarter of 2024, compared to the same period last year, according to the National Bureau of Statistics (NBS).
This was disclosed in a document titled:
“National Gross Domestic Product Q1, 2024.”
Nigeria’s GDP grew 2.98% in the first quarter of 2024, surpassing the 2.31% growth in the same quarter of 2023, but below the 3.46% growth in the fourth quarter of 2023, according to the Bureau.
“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 Services sector was the primary driver of Nigeria’s GDP growth in the first quarter of 2024, expanding by 4.32% and accounting for 58.04% of the country’s total GDP.
The growth of the industry sector was 2.19%, an improvement from 0.31% recorded in the first quarter of 2023.
The agriculture sector experienced a modest recovery, growing by 0.18% in the first quarter of 2024, a significant turnaround from the 0.90% decline recorded in the same quarter of the previous year.
The services sector’s contribution to the overall GDP increased in the first quarter of 2024, surpassing its share in the same quarter of the previous year, the Bureau reported.
