Non-oil sector contributed 93.6% to GDP in Q1 2024 — NBS

The non-oil sector contributed 93.62 percent to Nigeria’s Gross Domestic Product (GDP) growth in the first quarter of 2024.

The National Bureau of Statistics (NBS) disclosed this in its GDP report for Q1 2024 released on Friday in Abuja.

The bureau revealed that the country’s economy slowed to 2.98 percent during the period.

The non-oil sector which includes information and communication (telecommunication), trade, agriculture (crop production), financial and insurance (financial institutions), manufacturing (food, beverage and tobacco), real estate and construction, and accounting contributed positively to the GDP growth.

According to the NBS, The growth rate was higher than the 2.31 percent recorded in the same quarter in 2023 but lower than the 3.46 percent recorded in the fourth quarter.

The bureau noted that the GDP performance was driven mainly by the services sector which recorded a growth of 4.32 percent and contributed 58.04 percent to the aggregate GDP.

READ ALSO: FIRS makes N3.2trn revenue from non-oil sector tax in nine months

The report read: “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 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.”

It stated further that the aggregate GDP stood at N58.8 trillion in nominal terms during the period.

This was higher than the N51.2 trillion recorded in the first quarter of 2023, indicating a year-on-year nominal growth of 14.86 percent.

By: Babajide Okeowo

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