Nigeria Records 2.98% GDP Growth In Q1’24


May 24, 2024.

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Azonuchechi Chukwu.

Nigeria recorded a 2.98 percent growth in Gross Domestic Product, GDP, in the first quarter of the year (Q1’24).

This represents a 0.48 percentage point quarter -on-quarter decline in GDP growth when compared with 3.46 percent growth recorded in Q4’23.

The National Bureau of Statistics, NBS, disclosed this today in its Nigeria GDP report for Q1’24.

NBS said: “Nigeria’s GDP grew by 2.98 percent (year-on-year) in real terms in the first quarter of 2024.

“This growth rate is higher than the 2.31 percent recorded in the first quarter of 2023 and lower than the fourth quarter of 2023 growth of 3.46 percent.”

According to the bureau, 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 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 Q1’24 compared to the corresponding Q1’23”, it added.

The Nigerian economy has been classified broadly into the oil and non-oil sectors.

On oil sector, NBS noted that the nation in Q1’24 recorded an average daily oil production of 1.57 million barrels per day (mbpd), higher than the daily average production of 1.51. mbpd recorded in the same quarter of 2023 by 0.06 mbpd and higher than the fourth quarter of 2023 production volume of 1.55 mbpd by 0.02 mbpd.

It added: “The rea growth of the oil sector was 5.7 percent (year-on-year) in Q1’24, indicating an increase of 9.91 percentage points relative to the rate recorded in the corresponding quarter of 2023(4.21 percent).

“Growth decreased by 6.41 percentage points when compared to Q4’ 2023 which was 12.11 percent .(

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247news
Azonuchechi Chukwu - Business Journalist at Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the team.

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