Nigeria’s economic growth slows to 2.98% in Q1

Nigeria’s economy grew at a slower pace in the first three months of this year compared to the previous quarter, data released by the National Bureau of Statistics on Friday show.

The Gross Domestic Product grew by 2.98% (year-on-year) in real terms in the first quarter of 2024, compared to 3.46 percent in Q4 2023 and 2.31% in the same period of last year.

“The performance of the GDP in the first quarter of 2024 was driven mainly by the services sector, which recorded a growth of 4.32% and contributed 58.04% to the aggregate GDP. The agriculture sector grew by 0.18%, from the growth of -0.90% recorded in the first quarter of 2023,” the NBS said.

The growth of the industry sector was 2.19%, an improvement from 0.31% recorded in the first quarter of 2023. In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the first quarter of 2024 compared to the corresponding quarter of 2023.