Nigeria’s GDP Grows by 2.98% in Q1 2024 – NBS

Nigeria’s GDP Grows by 2.98% in Q1 2024 – NBS


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Nigeria’s GDP Grows by 2.98% in Q1 2024 – NBS

The Nationwide Bureau of Statistics (NBS) says Nigeria’s gross home product (GDP) grew by 2.98 % within the first quarter (Q1) of 2024.

The expansion fee, the bureau stated, is larger than the two.31 % recorded in the identical quarter in 2023 however decrease than the three.46 % recorded within the fourth quarter (This autumn) of 2023.

NBS made this recognized on Friday in its GDP report for Q1 2024.

In line with the bureau, the efficiency of the GDP in Q1 was pushed primarily by the companies sector, which recorded a progress of 4.32 % and contributed 58.04 % to the mixture GDP.

“The agriculture sector grew by 0.18%, from the expansion of -0.90% recorded within the first quarter of 2023,” NBS stated.

“The expansion of the trade sector was 2.19%, an enchancment from 0.31% recorded within the first quarter of 2023. When it comes to share of the GDP, the companies sector contributed extra to the mixture GDP within the first quarter of 2024 in comparison with the corresponding quarter of 2023.”

The statistics physique additional stated within the quarter beneath overview, the mixture GDP stood at N58.8 trillion in nominal phrases.

This, NBS stated, is larger when in comparison with the primary quarter of 2023, which recorded combination GDP of N51.2 trillion, indicating a year-on-year nominal progress of 14.86 %.

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Within the report, NBS stated the nation, within the first quarter recorded a median every day oil manufacturing of 1.57 million barrels per day (mbpd).

That is 0.02mbpd larger than the fourth quarter manufacturing quantity of 1.55 mbpd.

Additionally, the every day common manufacturing of 1.57mbpd in Q1 is larger by 0.06mbpd when in comparison with the 1.51mbpd recorded in the identical quarter final 12 months.

“The actual progress of the oil sector was 5.70% (year-on-year) in Q1 2024, indicating a rise of 9.91% factors relative to the speed recorded within the corresponding quarter of 2023 (-4.21%),” the bureau stated.

“Progress decreased by 6.41% factors when in comparison with This autumn 2023 which was 12.11%. On a quarter-on-quarter foundation, the oil sector recorded a progress fee of 13.77% in Q1 2024.”

The report additionally revealed that the oil sector contributed 6.38 % to the whole actual GDP in Q1, in comparison with 6.21 % within the corresponding interval of 2023 and 4.70 % in This autumn.

The non-oil sector contribution dropped by 1.6 % in Q1 and contributed 93.62 % to the financial progress.

The non-oil sector, which incorporates info and communication (telecommunication) sector topped the contribution, commerce, agriculture (crop manufacturing), monetary and insurance coverage (monetary establishments), manufacturing (meals, beverage and tobacco), actual property and building, and accounting, contributed positively to the GDP progress.

The sector’s contribution to the nation’s Q1 GDP determine is decrease than 95.30 % recorded in This autumn 2023, in addition to the corresponding quarter of 2023, which was 93.79 %.

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