Nigerian Economy Grows 2.98% in Q1 2024 

May 24, 2024
Covid nigerian economy1

By Adedapo Adesanya

The Nigerian economy grew beyond expectations in the first quarter of 2024 as the country saw its Gross Domestic Product (GDP) improve by 2.98 per cent (year-on-year) in real terms, according to the National Bureau of Statistics.

The data released on Friday showed that Nigeria’s growth rate was higher than the 2.31 per cent recorded in the first quarter of 2023 and lower than the fourth quarter of 2023 growth of 3.46 per cent.

“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 per cent and contributed 58.04 per cent to the aggregate GDP,” the report said.

It said the agriculture sector grew by 0.18 per cent, from the growth of -0.90 per cent recorded in the first quarter of 2023.

“The growth of the industry sector was 2.19 per cent, an improvement from 0.31 per cent 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,” the report added.

In a related development, the NBS has begun the process of rebasing Nigeria’s GDP and Consumer Prices Index estimates, according to Statistician-General of the Federation and NBS Chief Executive, Mr Semiu Adeniran.

This exercise, recommended by the United Nations Statistical Commission to be carried out every five years, aims to reflect updated economic conditions. The last rebasing exercise was conducted in 2014, making this the second in nearly a decade.

At Thursday’s opening of a sensitisation workshop for stakeholders on the GDP and CPI Rebasing Exercise in Abuja, Mr Adeniran emphasised the importance of accurate and timely data in today’s rapidly changing and interconnected world.

The workshop seeks to engage critical stakeholders, solicit feedback, and ensure that the output meets the needs of all users, providing a more accurate picture of the economy.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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