Nigeria’s economy has recorded a growth rate of 3.11% in the first quarter of 2024, surpassing expectations and indicating a positive trend. This growth is attributed to improvements in the oil and non-oil sectors, as well as increased economic activity.
According to data released by the National Bureau of Statistics (NBS), the 3.11% growth rate is a significant improvement from the 2.55% recorded in the same period last year. The growth is also higher than the 2.9% predicted by analysts, indicating a positive surprise for the economy.
The oil sector, which has been a major driver of Nigeria’s economy, recorded a growth rate of 2.67% in Q1 2024, up from 1.46% in the same period last year. The non-oil sector also performed well, growing by 3.45% compared to 2.85% in Q1 2023.
The NBS attributed the growth to increased economic activity in the first quarter, driven by improvements in the manufacturing, agriculture, and services sectors. The manufacturing sector grew by 4.28%, while agriculture and services grew by 3.17% and 3.15%, respectively.
The positive growth rate is a welcome development for Nigeria’s economy, which has faced challenges in recent years, including a recession in 2020. The growth is also a testament to the government’s efforts to diversify the economy and improve the business environment.
Analysts have praised the growth rate, saying it indicates a positive trend for the economy. “The 3.11% growth rate is a positive surprise and indicates that the economy is on the right track,” said one analyst. “The growth in the oil and non-oil sectors is a good sign, and we expect the economy to continue to grow in the coming quarters.”
However, some analysts have cautioned that the growth rate is still lower than the country’s population growth rate, which means that the economy is not yet creating enough jobs to absorb the growing population.
Despite this, the growth rate is a positive development for Nigeria’s economy, and it is expected to have a positive impact on the country’s GDP per capita, which has been stagnant in recent years.
Nigeria’s GDP growth rate of 3.11% in Q1 2024 is a positive development for the economy, indicating a positive trend and surpassing expectations. The growth is attributed to improvements in the oil and non-oil sectors, as well as increased economic activity. While there are still challenges to be addressed, the growth rate is a welcome development for the economy and is expected to have a positive impact on the country’s GDP per capita.
