GDP grew by 2.98% in Q1 2024, says NBS

Nigeria’s Gross Domestic Product (GDP) grew by 2.98% (year-on-year) in real terms in the first quarter of 2024, a report by the National Bureau of Statistics (NBS) has disclosed.

The report stated that the figure was higher than the 2.31 percent recorded in the first quarter of 2023 but lower than the fourth quarter of 2023 growth of 3.46 percent.

It stated that 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 percent and contributed 58.04 percent to the aggregate GDP.

“The agriculture sector grew by 0.18 percent, from the growth of -0.90 percent recorded in the first quarter of 2023. The growth of the industry sector was 2.19 percent, an improvement from 0.31 percent 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.”

It further stated that aggregate GDP stood at N58trn in nominal terms.

“This performance is higher when compared to the first quarter of 2023 which recorded aggregate GDP of N51.2tr, indicating a year-on-year nominal growth of 14.86 percent,” it added.

Oil production records growth

The report stated that there was a rise in the average daily oil production to 1.57 million barrels per day (mbpd), higher than the daily average production of 1.51mbpd recorded in the same quarter of 2023 by 0.06mbpd and the fourth quarter of 2023 production volume of 1.55 mbpd by 0.02mbpd.

It noted that the real growth of the oil sector was 5.70 percent (year-on-year) in Q1 2024, indicating an increase of 9.91 points relative to the rate recorded in the corresponding quarter of 2023 (-4.21 percent).

While the non-oil sector grew by 2.80 percent in real terms during the reference quarter (Q1 2024).

“This rate was higher by 0.02 percent points compared to the rate recorded in the same quarter of 2023 and 0.28 percent points lower than the fourth quarter of 2023. This sector was driven in the first quarter of 2024 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop production); Trade; and Manufacturing (Food, Beverage,and Tobacco), accounting for positive GDP growth,” it added.