Nigeria GDP falls to 2.98% in Q1 2024: NBS

Nigeria’s Gross Domestic Product (GDP) growth slowed to 2.98%, lower than the rate recorded in the fourth quarter of 2023, which was 3.46%, according to the latest report from the National Bureau of Statistics ( BNE) published on Friday.

However, the GDP growth rate in the quarter is higher than the figure recorded in the corresponding quarter of 2023, which was 2.31%.

The GDP performance in the first quarter of 2024 was mainly driven by the services sector, which grew by 4.32% and contributed 58.04% to the overall GDP. The agricultural sector saw a modest growth of 0.18%, improving from a -0.90% decline in the first quarter of 2023.

The industrial sector experienced growth of 2.19%, compared to 0.31% in the same period last year. In terms of share in GDP, the services sector contributed more to aggregate GDP in the first quarter of 2024 compared to the corresponding quarter of 2023.

According to the report, the aggregate GDP for the quarter under review was N58,855,142.27 million in nominal terms.

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This represents a higher performance compared to the first quarter of 2023, which recorded an aggregate GDP of N51,242,151.21 million, indicating a year-on-year nominal growth of 14.86%. For clarity, the Nigerian economy is broadly classified into the oil and non-oil sectors.

GDP growth in the oil sector

The real growth of the oil sector in Q1 2024 was 5.70% year-on-year, marking an increase of 9.91 percentage points compared to the -4.21% registered in the same quarter of 2023.

However, this growth decreased by 6.41 percentage points compared to the fourth quarter of 2023, which was 12.11%.

On a quarter-on-quarter basis, the oil sector achieved a growth rate of 13.77% in the first quarter of 2024. The oil sector contributed 6.38% to the total real GDP in the first quarter of 2024, up from 6.21 % in the corresponding period of 2023 and 4.70%. % in the previous quarter.

Non-oil sector GDP growth

The non-oil sector experienced growth of 2.80% in real terms during the first quarter of 2024. This growth rate was 0.02 percentage points higher than the same quarter of 2023, but 0.28 percentage points lower than the fourth quarter of 2023.

Key factors in the first quarter of 2024 included finance and insurance (financial institutions), information and communications (telecommunications), agriculture (crop production), trade and manufacturing (food, beverages and tobacco), all of which contributed to growth positive GDP.

In real terms, the non-oil sector contributed 93.62% to the country’s GDP in the first quarter of 2024, slightly lower than the 93.79% recorded in the first quarter of 2023 and the 95.30% recorded in the fourth quarter of 2023.