Nigeria’s GDP Declines by 2.98% in Q1 2024

Emma Bulletin
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Nigeria's GDP Declines by 2.98% in Q1 2024

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

This growth rate is higher than the 2.31% recorded in Q1 2023 but lower than the 3.46% recorded in the fourth quarter (Q4) of 2023.

In its latest GDP report, NBS highlighted that the Services sector drove the Q1 2024 performance with a growth of 4.32%, contributing 58.04% to the aggregate GDP.

The agriculture sector grew by 0.18%, rebounding from a -0.90% growth in Q1 2023, while the industry sector improved to 2.19% from 0.31% in the same period last year.

READ ALSO: NIPSS Advocates for 12% GDP Growth, Calls for CBN Collaboration

Overall, the Services sector had a greater share of the GDP in Q1 2024 compared to the corresponding quarter of 2023.

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