Nigeria's GDP Growth Hits 2.98% in Q1 2024, Driven by Services Sector: NBS Report
The latest report from the National Bureau of Statistics (NBS) reveals that Nigeria's Gross Domestic Product (GDP) experienced a 2.98% year-on-year growth in real terms during the first quarter of 2024. While this growth rate surpasses the 2.31% recorded in the first quarter of 2023, it falls short of the 3.46% growth seen in the fourth quarter of 2023.
The standout performer contributing to this growth was the Services sector, which recorded a robust growth rate of 4.32%, significantly bolstering the aggregate GDP with a contribution of 58.04%.
In contrast, the agriculture sector witnessed a modest growth of 0.18%, rebounding from a decline of -0.90% in the first quarter of 2023. Similarly, the industry sector demonstrated improvement with a growth rate of 2.19%, a substantial increase from the 0.31% recorded in the same period last year.
In terms of its share in the GDP, the services sector emerged as the major contributor in the first quarter of 2024, surpassing its share compared to the corresponding quarter of 2023. This indicates a positive trend in the diversification and expansion of Nigeria's economic landscape.
