Nigeria’s Economic Downturn Continues: GDP Slumps In First Quarter Of 2024

Nigeria’s Economic Downturn Continues: GDP Slumps In First Quarter Of 2024....KINDLY READ THE FULL STORY HERE▶

In the first quarter (Q1) of 2024, Nigeria witnessed a 2.98% decline in Gross Domestic Product (GDP), according to the recently released Q1 2024 GDP report by the National Bureau of Statistics (NBS)…………..CONTINUE READING

This downturn reflects ongoing economic challenges amidst President Bola Tinubu’s administration. Despite a growth rate of 2.98%, higher than the 2.31% of Q1 2023, it fell short of the 3.46% recorded in Q4 2023.

The report highlights the Services sector as the primary driver of this growth, expanding by 4.32% and contributing 58.04% to the overall GDP. Agriculture also saw a slight uptick with a 0.18% growth compared to a decline of -0.90% in Q1 2023. Similarly, the industry sector improved to 2.19% growth from 0.31% in Q1 2023.

Despite these sectoral improvements, the Services sector remained the dominant contributor to the GDP, outpacing its share from the previous year.

Additionally, Nigeria grappled with a surge in inflation, soaring to 33.69% in April, further complicating economic conditions.

In summary, while there are signs of sectoral growth, the overall GDP decline underscores the economic challenges facing Nigeria under President Tinubu’s administration.

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