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Nigeria’s economy expanded by 2.98 percent in the first quarter (Q1) of 2024 as its oil sector exited recession after increased crude output boosted oil GDP.
Nigeria’s oil sector expanded for a second consecutive quarter as at March 2024, after recording seven successive quarters of negative growth between Q1 2022 and Q3 2023 (see chart).
Total real GDP growth of +2.98% in Q1, 2024 was up from +2.31% recorded in Q1, 2023. Non-oil GDP rose +2.8% Year-on-Year, compared to 2.77% YOY in Q1, 2023, while oil GDP exited recession with a +5.7% surge, compared to -4.21% in Q1, 2023.
The oil sector contributed 6.38% to GDP in the first quarter of 2024, while non-oil GDP made up 93.62%.
Major non-oil sectors contribution to GDP include Agriculture at 21.07%, Industries (ex-oil) 14.51% and Services 58.04%.
Financial services and insurance expanded by 31.24% YOY, manufacturing rose by 1.49% while Agriculture increased 0.18% for the period.
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