In a new report titled “National Gross Domestic Product Q1 2024” released by the Nigerian Bureau of Statistics, it’s been revealed that the country’s economy grew by 2.98% in one year.
The growth rate is higher than the 2.31% recorded in the first quarter of 2023 and lower than the fourth quarter of 2023 growth of 3.46%.
According to NBS, 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% and contributed 58.04% to the aggregate GDP.
The agriculture sector grew by 0.18%, from the growth of -0.90% recorded in the first quarter of 2023. The growth of the industry sector was 2.19%, an improvement from 0.31% recorded in the first quarter of 2023.
From the report, the services sector contributed more to the aggregate GDP in the first quarter of 2024 compared to the corresponding quarter of 2023.
Source: Linda Ikeji
