The National Bureau of Statistics (NBS) has reported that Nigeria’s Gross Domestic Product (GDP) grew by 2.98% year-on-year in real terms in the first quarter of 2024.
This growth rate surpasses the 2.31% recorded in the first quarter of 2023 but falls short of the 3.46% achieved in the fourth quarter of 2023.
The NBS disclosed this information in its GDP report for Q1 2024 released on Friday.
“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 report read.
It noted that, “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.
“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.”
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