Nigeria’s GDP Declines in First Quarter of 2024 as Financial Hardship Deepens

Nigeria’s GDP Declines in First Quarter of 2024 as Financial Hardship Deepens

Nigeria’s Gross Home Product (GDP) dipped within the first quarter of 2024, the Nationwide Bureau of Statistics (NBS) disclosed this in its newest report launched on Friday, Could 24.

The GDP declined to 2.98 p.c, representing a modest improve from 2.31 recorded in the identical interval in 2023, however a lower from the three.46 p.c development noticed within the fourth quarter of 2023.

“Nigeria’s Gross Home Product (GDP) grew by 2.98 per cent (year-on-year) in actual phrases within the first quarter of 2024. This development charge is greater than the two.31% recorded within the first quarter of 2023 and decrease than the fourth quarter of 2023 development of three.46 per cent,” the report stated.

In line with NBS, this decline in growth rate underscores the continued financial challenges underneath President Bola Tinubu’s management.

The report highlights a blended efficiency throughout varied sectors, with the providers sector rising as the first driver of Nigeria’s GDP, boasting a development of 4.32 p.c and contributing 58.04 p.c to the whole GDP.

The agriculture sector noticed a marginal improve, rising by 0.18 p.c, a slight enchancment from the adverse development recorded in 2023.

The commercial sector additionally skilled an uptick, recording a 2.19 p.c development charge, which marks a big restoration from its earlier efficiency.

Regardless of these positive factors in some sectors, the general financial temper has been dampened by a pointy improve within the inflation charge, which escalated to 33.69 p.c in April 2024.

This inflation spike is inserting further stress on households and companies, additional complicating the financial panorama.

The NBS added: “The common retail worth for refilling a 5kg Cylinder of LPG declined by 1.06% on a month-on-month foundation from N6,591.62 in March 2024 to N6,521.58 in April 2024. On a year-on-year foundation, this elevated by 40.48% from N4,642.27 in April 2023.”

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