Nigeria’s Gross Domestic Product, GDP, increased by 2.98 percent in the first quarter of the year (Q1’24). This indicates a 0.48 percentage point quarterly fall in GDP growth, compared to 3.46 percent increase in Q4’23. The National Bureau of Statistics (NBS) announced this today in its Nigeria GDP report for Q1’24.
According to NBS, Nigeria’s GDP increased by 2.98 percent (year on year) in real terms in the first quarter of 2024. “This growth rate is higher than the 2.31 percent recorded in the first quarter of 2023 and lower than the fourth quarter of 2023 growth of 3.46 percent.”
According to the bureau, the performance of the GDP in the first quarter 2024 was primarily driven by the Services Sector, which expanded by 4.32 percent and generated 58.04 percent of total GDP. “The agriculture sector expanded by 0.18 percent, up from -0.90 percent in the first quarter of 2023.
“The industry sector’s growth rate was 2.19 percent, up from 0.31% in the first quarter of 2023. “In terms of share of the GDP, the services sector contributed more to the aggregate in Q1’24 compared to the corresponding Q1’23” , the report stated.
In the oil sector, NBS reported that the country produced 1.57 million barrels per day (mbpd) on average in Q1’24, which was 0.06 mbpd higher than the daily average production of 1.51 mbpd in the same quarter of 2023 and 0.02 mbpd higher than the fourth quarter of 2023 production volume of 1.55 mbpd.
It added: “The rea growth of the oil industry was 5.7 percent (year on year) in Q1’24, representing a 9.91 percentage point rise relative to the rate reported in the same quarter of 2023 (4.21 percent). “Growth declined by 6.41 percentage points compared to Q4 2023, which was 12.11 percent. “On a quarterly basis, the oil sector grew at a rate of 13.77 percent in Q1 24.
“The Oil sector contributed 6.38 percent to the total real GDP in Q12024, up from the figure recorded in the corresponding period of 2023 and up from the preceding quarter, where it contributed 6.21 percent and 4.70 percent respectively.” According to NBS, the non-oil sector grew by 2.8% in real terms during the reference quarter (Q1’24). This rate was 0.02 percentage points higher than in the same quarter of 2023, but 0.28 percentage points lower than in the fourth quarter of 2023.
“In the first quarter of 2024, this sector was primarily led by Financial and Insurance (Financial Institutions), Information and Communication (Telecommunications), Agriculture (Crop Production), Trade, and Manufacturing (Food, Beverage, and Tobacco), contributing for positive growth.
GDP
“In real terms, the non-oil sector contributed 93.62 percent to the nations GDP in the Q1’24, lower than the share recorded in the first quarter of 2023 which was 93.79 percent and lower than the fourth quarter of 2023 recorded as 95.3 percent.”
Source: vangurdngr.com
