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Nigeria’s Real GDP Grew By 2.98% Amidst Monetary Policy Tightening

Nigeria’s Gross Domestic Product (GDP) grew by 2.98 per cent in real terms in the first quarter of 2024.

The development is coming amidst the Central Bank of Nigeria’s (CBN) monetary policy tightening.

According to the NBS, the growth was driven by increase in the service and agricultural sectors.

The NBS said, “This growth rate is higher than the 2.31 per cent recorded in the first quarter of 2023 and lower than the fourth quarter of 2023 growth of 3.46 per cent. 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 per cent and contributed 58.04 per cent to the aggregate GDP.

“The agriculture sector grew by 0.18 per cent, from the growth of -0.90 per cent recorded in the first quarter of 2023. The growth of the industry sector was 2.19 per cent, an improvement from 0.31 per cent 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.”

The NBS said in the quarter under review, aggregate GDP stood at N58.9tn in nominal terms.

“This performance is higher when compared to the first quarter of 2023 which recorded aggregate GDP of N51.2tn, indicating a year-on-year nominal growth of 14.86 per cent,” the NBS said.

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