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According to recent research, Nigeria’s gross domestic product increased modestly in the first quarter of 2024. However, this is lower than the previous quarter’s figures.
The services sector was the primary driver of the GDP’s performance in the first quarter of 2024, while the agricultural sector also recorded a slight increase.
A report by the country’s National Bureau of Statistics showed that Nigeria’s gross domestic product (GDP) grew by 2,98 percent (year-on-year) in real terms in the first quarter of 2024.
The report however, showed that this was lower than the 3,46 percent recorded in Q4 of 2023, but slightly higher than the figures recorded a year prior during the same period. Q1 figure of 2023 came in at 2,31 percent.
Of the activities that contributed to the recent figure of the real GDP, crop production came in first, with trade following close behind and telecommunications coming in third. However, the services sector combined contributed the most to the GDP growth.
“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 report reads.
“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 added.
In nominal terms, the total GDP for the reviewed quarter was N58 855 142,27 million. Compared to the first quarter of 2023, when the aggregate GDP was reported at N51 242 151,21 million, this performance is better. — Business Insider Africa.
Bongani Ndlovu
Online Reporter