Nigeria’s Gross Domestic Product (GDP) grew to 2.98 percent in real terms in the first quarter of 2024, data from the National Bureau of Statistics shows.
According to the report, the economy grew by 0.67 percent compared to the 2.31 percent recorded in the first quarter of 2023 but lower than the fourth quarter of 2023 growth of 3.46 percent.
Despite the slight contraction in the first quarter of 2024, the GDP growth “was driven mainly by the services sector, which recorded a growth of 4.32% and contributed 58.04% to the aggregate GDP,” the report said.
According to the GDP report by NBS, here are the highest contributing sectors to the GDP growth in the first quarter of 2024:
1. Agriculture
The Agriculture sector tops the list, contributing 21.07 percent to real GDP growth in the first quarter of 2024.
Crop Production, Livestock, Forestry and Fishing are the four sub-activities that make up the sector.
“Crop Production remained the major driver of the sector. This is evident as it accounts for 87.98% of the overall nominal value of the sector in the first quarter of 2024,” the report stated.
Overall, the sector contributed 21.07 percent to GDP in real terms in the first quarter of 2024, lower than its contribution in the first quarter of 2023 and lower than the fourth quarter of 2023 which stood at 21.66 percent and 26.11 percent respectively.
2. Information and Communictaion
The Information and Communication sector contributed 17.89 percent to real GDP growth in the first three months of 2024.
This was higher than the same period of last year when it represented 17.47 percent and higher than the preceding quarter in which it represented 16.66 percent.
3. Trade and Manufacturing
Trade and Manufacturing contributed 15.7 percent to real GDP growth in the first quarter of 2024, lower than 15.97 percent in the first quarter of 2023, and higher than the 15.5 percent recorded in the fourth quarter of last year.
4. Finance and Insurance
The Finance and Insurance sector also recorded its highest contribution to the GDP growth in at least 13 years, in the first quarter of 2024.
The sector contributed 6.81 percent, higher than 5.35 percent recorded in the first quarter of 2023 by 1.47 percent, and 3.6 percent recorded in the first quarter of 2012.
5. Mining and Quarrying
The Mining and Quarrying sector contributed 6.47 percent to real GDP. This is higher than the 6.26 percent recorded in the corresponding quarter of 2023 and higher than the 4.91 percent recorded in the fourth quarter of 2023.
6. Oil sector
The Oil sector contributed 6.38 percent to the total real GDP in Q1 2024 according to the GDP report.
This is higher than the rate contributed in the first quarter of 2023 which stood at 6.21 percent and 4.70 percent contributed in the fourth quarter of last year.
7. Real Estate
Real Estate contributed 5.20 percent to real GDP growth in 2024, lower than the 5.31 percent recorded in the corresponding quarter of 2023.
8. Construction
The Construction sector’s contribution to total real GDP was 4.01 percent in the first quarter of 2024; lower than 4.22 percent in the same quarter of the previous year, and higher than in the immediate past quarter where it contributed 3.47 percent to GDP growth.
9. Professional Services
Professional, Scientific and Technical Services contributed 3.19 percent to GDP growth in the first quarter of 2024, lower than the 3.25 percent in the first quarter of 2023 and lower than the 3.28 percent recorded in fourth quarter of 2023.
1o. Other Services
Other Services in this sector contributed 2.51 percent to real GDP in the first quarter of 2024, lower than the 3.17 percent recorded for the corresponding quarter of 2023 and lower than the 3.17 percent recorded in fourth quarter of 2023.
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