NBS Reports 2.98% GDP Growth in Q1 2024

• Nigeria’s GDP grew by 2.98% in Q1 2024, higher than Q1 2023’s 2.31% but lower than Q4 2023’s 3.46%
• The services sector drove GDP growth with a 4.32% increase, contributing 58.04% to the aggregate GDP in Q1 2024

Nigeria’s Gross Domestic Product (GDP) grew by 2.98% year-on-year in real terms during the first quarter of 2024, according to a report by the National Bureau of Statistics (NBS).

This growth is higher than the 2.31% recorded in Q1 2023 but lower than the 3.46% growth in Q4 2023.

The report highlighted that the services sector drove the Q1 2024 GDP growth with a 4.32% increase, contributing 58.04% to the aggregate GDP.

The agriculture sector grew by 0.18%, a recovery from the -0.90% growth in Q1 2023. The industry sector grew 2.19%, up from 0.31% in Q1 2023.

In nominal terms, the aggregate GDP stood at N58 trillion in Q1 2024, up from N51.2 trillion in Q1 2023, showing a year-on-year nominal growth of 14.86%.

Oil Production Records Growth

The report also noted an increase in average daily oil production, rising to 1.57 million barrels per day (mbpd) in Q1 2024. This is higher than the 1.51 mbpd recorded in Q1 2023 and the 1.55 mbpd in Q4 2023.

The oil sector’s real growth was 5.70% year-on-year in Q1 2024, up 9.91 points from the -4.21% recorded in Q1 2023.

Meanwhile, the non-oil sector grew by 2.80% in real terms in Q1 2024. This growth rate is 0.02% higher than in Q1 2023 but 0.28% lower than in Q4 2023. The non-oil sector’s growth was driven by Financial and Insurance (Financial Institutions), Information and Communication (Telecommunications), Agriculture (Crop Production), Trade, and Manufacturing (Food, Beverage, and Tobacco).