TimeTestedNews ||Q1 2024: Nigeria’s GDP growth declined by 2.98%, says NBS

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The National Bureau of Statistics (NBS) on Friday said Nigeria’s Gross Domestic Product (GDP) declined by 2.98 per cent in the first quarter (Q1) of 2024.

In its latest report, the bureau put the nation’s current growth rate at 2.98 per cent, saying the growth rate is higher than the 2.31 per cent recorded in the same quarter in 2023 but lower than the 3.46 per cent recorded in the fourth quarter (Q4) of 2023.

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NBS made this known on Friday in its GDP report for Q1 2024.

“Nigeria’s Gross Domestic Product (GDP) grew by 2.98% (year-on-year) in real terms in the first quarter of 2024. 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 report read.

“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 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.”