Nigeria’s GDP Declines By 2.98% In Q1 2024 Amid Economic Hardships Under President Tinubu (Details)

Nigeria’s Gross Domestic Product (GDP) declined by 2.98 per cent in the first quarter (Q1) of 2024 due to economic hardships under President Bola Tinubu’s administration. This was disclosed by the National Bureau of Statistics (NBS) in its Q1 2024 GDP report released on Friday….CONTINUE READING

The report highlighted that while the current growth rate is 2.98 per cent, which is higher than the 2.31 per cent recorded in the same quarter in 2023, it is still lower than the 3.46 per cent recorded in the fourth quarter (Q4) of 2023.

“Nigeria’s Gross Domestic Product (GDP) grew by 2.98 per cent (year-on-year) in real terms in the first quarter of 2024. This growth rate is higher than the 2.31% recorded in the first quarter of 2023 and lower than the fourth quarter of 2023 growth of 3.46 per cent,” the report stated.

The report attributed the GDP performance in Q1 2024 primarily to the Services sector, which recorded a growth of 4.32 per cent and contributed 58.04 per cent to the aggregate GDP.

Key highlights from the report include:
The agriculture sector grew by 0.18%, an improvement from the -0.90% growth recorded in the first quarter of 2023.
The industry sector’s growth was 2.19%, up from 0.31% in Q1 2023.
The services sector contributed more to the aggregate GDP in Q1 2024 than in the corresponding quarter of 2023.

The period under review also saw Nigeria grappling with a surge in the inflation rate, which rose to 33.69 per cent in April, further exacerbating the economic challenges faced by the nation.

Published By: Destiny.Jnr