{"id":119494,"date":"2024-05-24T16:53:49","date_gmt":"2024-05-24T15:53:49","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/nigerias-gdp-declines-in-first-quarter-of-2024-amid-severe-hardship"},"modified":"2024-05-24T20:05:53","modified_gmt":"2024-05-24T19:05:53","slug":"nigerias-gdp-declines-in-first-quarter-of-2024-amid-severe-hardship","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-gdp-declines-in-first-quarter-of-2024-amid-severe-hardship","title":{"rendered":"Nigeria\u2019s GDP declines in First Quarter of 2024 amid severe hardship"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>Nigeria\u2019s Gross Domestic Product (GDP) declined by 2.98 per cent in the first quarter (Q1) of 2024 due to economic hardships under President Bola Tinubu\u2019s administration.<\/p>\n<p>The National Bureau of Statistics, NBS, disclosed this in its Q1 2024 GDP report released on Friday.<\/p>\n<p>The report said the nation\u2019s current growth rate is 2.98 per cent, higher than the 2.31 per cent recorded in the same quarter in 2023 but lower than the 3.46 per cent recorded in the fourth quarter (Q4) of 2023.<\/p>\n<p>\u201cNigeria\u2019s Gross Domestic Product (GDP) grew by 2.98 per cent (year-on-year) in real terms in the first quarter of 2024. 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 per cent,\u201d the report read.<\/p>\n<p>\u201cThe performance of the GDP in the first quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 4.32 per cent and contributed 58.04 per cent to the aggregate GDP.<\/p>\n<p>\u201cThe agriculture sector grew by 0.18%, from the growth of -0.90% recorded in the first quarter of 2023. The industry sector\u2019s growth was 2.19%, an improvement from 0.31% recorded in the first quarter of 2023.<\/p>\n<p>\u201cIn terms of share of the GDP, the services sector contributed more to the aggregate GDP in the first quarter of 2024 than the corresponding quarter of 2023.\u201d<\/p>\n<p>In the period under review, Nigeria recorded a surge in the inflation rate, which rose to 33.69 per cent in April.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/nigeria\">Nigeria<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. Nigeria\u2019s Gross Domestic Product (GDP) declined by 2.98 per cent in the first quarter (Q1) of 2024 due to economic hardships under President Bola Tinubu\u2019s administration. The National Bureau of Statistics, NBS, disclosed this in its Q1 2024 GDP report released on Friday. The report said the nation\u2019s current growth rate is [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":119493,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,342,254],"class_list":["post-119494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-gdp","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigeria\u2019s GDP declines in First Quarter of 2024 amid severe hardship - Nigeria<\/title>\n<meta name=\"description\" content=\"Nigeria\u2019s Gross Domestic Product (GDP) declined by 2.98 per cent in the first quarter (Q1) of 2024 due to economic hards ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-gdp-declines-in-first-quarter-of-2024-amid-severe-hardship\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s GDP declines in First Quarter of 2024 amid severe hardship\" \/>\n<meta property=\"og:description\" content=\"Nigeria\u2019s Gross Domestic Product (GDP) declined by 2.98 per cent in the first quarter (Q1) of 2024 due to economic hards ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-gdp-declines-in-first-quarter-of-2024-amid-severe-hardship\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-24T15:53:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-24T19:05:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/05\/sm_1716560949.363411.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"570\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-gdp-declines-in-first-quarter-of-2024-amid-severe-hardship#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-gdp-declines-in-first-quarter-of-2024-amid-severe-hardship\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Nigeria\u2019s GDP declines in First Quarter of 2024 amid severe hardship\",\"datePublished\":\"2024-05-24T15:53:49+00:00\",\"dateModified\":\"2024-05-24T19:05:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-gdp-declines-in-first-quarter-of-2024-amid-severe-hardship\"},\"wordCount\":256,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-gdp-declines-in-first-quarter-of-2024-amid-severe-hardship#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/05\/sm_1716560949.363411.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"GDP\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-gdp-declines-in-first-quarter-of-2024-amid-severe-hardship#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-gdp-declines-in-first-quarter-of-2024-amid-severe-hardship\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-gdp-declines-in-first-quarter-of-2024-amid-severe-hardship\",\"name\":\"Nigeria\u2019s GDP declines in First Quarter of 2024 amid severe hardship - 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