Federal finance and statistics / National Bureau of Statistics

National Gross Domestic Product Q1 2024

Overview Nigeria's Gross Domestic Product (GDP) grew by 2.98% (year-on-year) in real terms in the first quarter of 2024. This growth rate is higher than the 2.31% recorded in the first quarter of 2023 and lower than the fourth quarter of 2023 growth of 3.46%. 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 growth of the industry sector was 2.19%, an improvement f…