NIGERIA'S ’s GDP RISES 2.98% IN Q1 ON SERVICES SECTOR GROWTH

Nigeria’s economy grew by 2.98 percent year-on-year in real terms in the first quarter of 2024, according to the National Bureau of Statistics. This growth rate is higher than the 2.31 percent recorded in Q1 2023 but lower than the 3.46 percent in Q4 2023.

The GDP performance was primarily driven by the services sector, which grew by 4.32 percent and contributed 58.04 percent to the overall GDP. The agriculture sector grew by 0.18 percent, improving from a decline of -0.90 percent in Q1 2023. The industry sector saw growth of 2.19 percent, up from 0.31 percent in Q1 2023.

Analysts had predicted faster economic growth due to an expansion in the Purchasing Managers’ Index (PMI) and a lack of economic strain compared to Q1 2023. Bolade Agboola, an energy and consumer growth analyst at ChapelHill Denham, noted improvements in oil production as a positive factor for Q1 2024 economic output