Here are the key sectors that contributed to Nigeria’s GDP growth in Q1

According to the latest Gross Domestic Product report, crop production, trade in telecommunications and information services, petroleum and natural gas, and financial institutions are the most important sectors that contributed to Nigeria’s economic growth in the first quarter of 2024.

The report published on Friday by the National Bureau of Statistics shows that plant production accounted for 19.24 percent and trade – 15.70 percent. Telecommunications and information services had 14.58 percent; crude oil 6.38 percent; and natural gas and financial institutions – 6.35 percent.

Property; food, beverages and tobacco; construction; professional, scientific and technical services; and other services accounted for 5.20%, 5.11%, 4.01%, 3.19% and 2.51%, respectively

The NBS report also revealed that GDP growth in Africa’s most populous country rose to 2.98% in real terms in the first quarter, up from 2.31%. in the same period of 2023, but lower than in the fourth quarter of last year, which amounted to 3.46%.

The GDP in the first quarter was mainly influenced by the services sector, which recorded an increase by 4.32%. and had 58.04 percent. share in total GDP. The agriculture sector increased by 0.18%. compared to growth of -0.90 percent. recorded in the first quarter of 2023.” – we read in the report.

It said industrial sector growth was 2.19 percent, an improvement from 0.31 percent recorded in the first quarter of last year. “In terms of contribution to GDP, the services sector contributed more to total GDP in Q1 compared to the same quarter in 2023.”

Analysts at Afrinvest Limited noted that growth in the first quarter was partially supported by the sustained recovery in the oil economy, which grew by 5.7 percent compared to a contraction of 4.2 percent in the first quarter of 2023.

“This reflects a slight improvement in average crude oil production to 1.57 mb/d compared to 1.51 mb/d in the same period in 2023. On the other hand, the non-oil economy grew by 2.80%. compared to 2.77 percent in the first quarter of 2023, however, the growth was worse than the fourth quarter of 3.07 percent,” it said in a recent note.

He added that the share of the oil economy increased to 6.38%. with 6.21 percent in the first quarter of 2023, while the share of the non-oil economy decreased slightly by 16 percentage points year-on-year to 93.62%.

Here you will find more details about sectors

Plant production

Crop production recorded a growth rate of 1.71% in the first quarter of 2024. with 1.93 percent in the first quarter of 2023

In the first quarter of 2024, the share of plant production in real GDP was 19.24%.

Trade

The sector’s growth rate in the first quarter of 2024 was 1.23%. with 1.31 percent in the first quarter of 2023.

In the first quarter of 2024, the share of trade in real GDP was 15.7%.

Telecommunications and information

The sector’s growth rate in the first quarter of 2024 was 6.23%. with 11.71 percent in the corresponding quarter of 2023

The contribution of telecommunications and information to real GDP in the first quarter of 2024 was 14.58%.

Oil and natural gas

The growth rate of this activity in the first quarter of 2024 was 5.7%. with -4.21 percent in the first quarter of 2023

The share of oil and natural gas in real GDP in the first quarter of 2024 was 6.38%.

Financial institutions

The sector’s growth rate in the first quarter of 2024 was 33.3%. with 24.96 percent in the first quarter of 2023.

The contribution of financial institutions to real GDP in the first quarter of 2024 was 6.35%.