Nigeria’s GDP Declines by 2.98 Percent In First Quarter Of 2024
Nigeria’s Gross Domestic Product (GDP) witnessed a decline of 2.98 percent in the first quarter (Q1) of 2024, according to the latest report released by the National Bureau of Statistics (NBS).
The drop is attributed to economic challenges experienced under President Bola Tinubu’s administration.
The National Bureau of Statistics report, made public on Friday, highlights the nation’s current growth rate of 2.98 percent, which is higher than the 2.31 percent recorded in the same quarter of 2023 but lower than the 3.46 percent registered in the fourth quarter (Q4) of 2023.
“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 stated.
While the Services sector exhibited growth, the agriculture sector saw a modest increase of 0.18 percent compared to the previous year’s -0.90 percent. Similarly, the industry sector’s growth improved to 2.19 percent from 0.31 percent recorded in the first quarter of 2023.
In terms of contribution to GDP, the services sector played a more significant role in Q1 2024 compared to the same period in 2023.
