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%.
TimesNow.com.ng earlier reported that the World Bank had hinted that 80% of Africa’s growth will be driven by the ten largest economies, with Nigeria, Côte d’Ivoire, Ethiopia, Kenya, and Ethiopia leading the way with 40% of the region’s GDP.
In this article, TimesNow.com.ng highlights the major economic sectors in Nigeria Q1 2024, according to the report released in May.
Note: According to Investopedia, GDP is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.
The Mining & Quarrying sector consists of Crude Petroleum and Natural Gas, Coal Mining, Metal ore and Quarrying and other Minerals sub-activities. This sector grew nominally by 34.14% (year-on-year) in Q1 2024.
In real terms, the Mining and Quarrying sector grew by 6.30% (year-on-year) in the first quarter of 2024. Compared to the same quarter of 2023 and the fourth quarter of 2023, it was higher by 10.26% points and lower by 1.74% points, respectively.
Four sub-activities comprise the Agricultural sector: Crop Production, Livestock, Forestry and Fishing. The sector grew by 0.77% year-on-year in nominal terms in Q1 2024, showing a decrease of 4.47% points from the same quarter of 2023.
Quarter-on-quarter growth stood at -37.60% in the first quarter of 2024. Agriculture contributed 17.22% to nominal GDP in the first quarter of 2024.
However, the sector contributed 21.07% to overall GDP in real terms in Q1 2024, lower than the contribution in the first quarter of 2023 and lower than the fourth quarter of 2023 which stood at 21.66% and 26.11% respectively.
The Manufacturing sector is comprised of thirteen activities: Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood products; Pulp Paper and Paper products; Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber products; Electrical and Electronic; Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing.
Nominal GDP growth of the Manufacturing sector in the first quarter of 2024 was recorded at 8.21% (year-on-year), 9.64% points lower than the figure recorded in the corresponding period of 2023 (17.85%) and 29.85% points lower than the preceding quarter figure of 38.06%.
The Real contribution to GDP in the 2024 first quarter was 9.98%, lower than the 10.13% recorded in the first quarter of 2023 and higher than the 8.23% recorded in the fourth quarter of 2023.
The Electricity, Gas, Steam and Air conditioning Supply sector recorded a year-on-year growth of 17.95% in the first quarter of 2024.
The contribution of Electricity, Gas, Steam and Air Conditioning Supply to Nominal GDP in the first quarter of 2024 was 0.41%
This sector’s contribution to real GDP in the first quarter of 2024 was 0.19%, slightly lower than the 0.20% recorded in Q1 2023 and lower than the 0.54% recorded in Q4 2023.
This sector grew by 36.23% in nominal terms (year-on-year) in the first quarter of 2024, an increase of 7.84% points compared to the rate of 28.39% recorded in the same quarter of 2023.
The Water Supply, Sewerage, Waste Management and Remediation sector contributed 0.38% to nominal GDP in the first quarter of 2024
Its contribution to total real GDP was 0.24% in the first quarter of 2024, slightly higher than its contribution of 0.23% in the same quarter of the previous year, and higher than the immediate past quarter where it contributed 0.17%.
The construction sector grew by -0.29% in nominal terms (year-on-year) in the first quarter of 2024, a decrease of 38.00% points compared to the rate of 37.71% recorded in the same quarter of 2023.
