NBS Reports 2.98% GDP Growth in Nigeria

In its latest release titled “National Gross Domestic Product Q1 2024,” the National Bureau of Statistics (NBS) announced a 2.98% growth in Nigeria’s Gross Domestic Product (GDP) in real terms over the past year.

This growth surpasses the 2.31% recorded in Q1 2023 but falls short of the 3.46% growth observed in Q4 2023.

According to the report, the Services sector was the primary driver of this growth, experiencing a 4.32% expansion and contributing 58.04% to the overall GDP. Agriculture also saw a modest increase of 0.18%, a significant improvement from the -0.90% recorded in Q1 2023. Similarly, the Industry sector demonstrated growth, rising to 2.19% from 0.31% in Q1 2023.

The Services sector notably contributed more to the GDP in Q1 2024 compared to the same period in 2023, indicating a positive trend in Nigeria’s economic landscape.

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