Politics
Economic Growth Continues: Nigeria Reports 2.98% GDP Expansion In Q1 Of 2024
Economic Growth Continues: Nigeria Reports 2.98% GDP Expansion In Q1 Of 2024....KINDLY READ THE FULL STORY HERE▶
In the first quarter of 2024 (Q1’24), Nigeria saw a 2.98 percent increase in Gross Domestic Product (GDP), as reported by the National Bureau of Statistics (NBS) today………..CONTINUE READING
This figure marks a slight quarter-on-quarter decline of 0.48 percentage points from the 3.46 percent growth observed in Q4’23.
According to the NBS Nigeria GDP report for Q1’24, the country’s GDP grew by 2.98 percent year-on-year, surpassing the 2.31 percent recorded in the first quarter of 2023 but falling short of the 3.46 percent growth seen in the fourth quarter of 2023.
The Services Sector emerged as the primary driver of this growth, expanding by 4.32 percent and contributing 58.04 percent to the overall GDP. Additionally, the agriculture sector experienced a modest growth of 0.18 percent, a notable improvement from the -0.90 percent recorded in Q1 of 2023. Meanwhile, the industry sector saw growth of 2.19 percent, a significant improvement from the 0.31 percent recorded in the same quarter of the previous year.
In terms of GDP contribution, the services sector played a more substantial role in Q1’24 compared to the corresponding period in 2023.
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Source: Bushradiogist
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