…As Services Sector Accounts For 58.04% Of Aggregate GDP
The National Bureau of Statistics (NBS) reported on Friday that Nigeria’s Gross Domestic Product (GDP) grew by 2.98% (year-on-year) in real terms in the first quarter of 2024.
The latest ‘National Gross Domestic Product Q1 2024’ report published on the statistics agency’s website showed that in the quarter under review, the growth rate was higher than the 2.31% recorded in Q1 2023 and lower than the 3.46% recorded growth rate in fourth quarter of 2023.
The Bureau attributed the improved year-on-year performance of the nation’s GDP in the first quarter of this year to mainly the contribution of the Services sector, which recorded a growth of 4.32% and contributed 58.04% to the aggregate GDP.
Similarly, it reported that the Agriculture sector grew by 0.18% in Q1 this year, from the -0.90% growth it recorded in the first quarter of 2023.
The Bureau disclosed in the report that industry sector’s growth stood at 2.19% in the quarter under review, indicating improved performance when compared to the 0.31% growth it recorded in the first quarter of 2023.
The statistics agency further clarified that 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.
