Nigeria’s Economic Sectors Thriving in First Quarter of 2024
Nigeria’s Gross Domestic Product (GDP) has exhibited a robust growth of 2.98% in the first quarter of 2024, according to the latest report by the National Bureau of Statistics. This growth rate surpasses that of the previous year and falls below the previous quarter, indicating a positive trajectory in the country’s economic performance.
The primary economic sectors that have made substantial contributions to this growth encompass Mining & Quarrying, Agriculture, Manufacturing, Electricity, Gas, Steam, and Air Conditioning Supply, Water Supply, Sewerage, Waste Management, and Remediation, Construction, Trade, Accommodation and Food Services, Transportation and Storage, and Information & Communication. These sectors have played a pivotal role in propelling the economic development of the country and are imperative for sustainable advancement.
In the Mining & Quarrying sector, comprised of Crude Petroleum and Natural Gas, Coal Mining, Metal ore and Quarrying, and other Minerals sub-activities, there was a nominal growth of 34.14% (year-on-year) in the first quarter of 2024. Agriculture, on the other hand, depicted a growth of 0.77% year-on-year in nominal terms, contributing 17.22% to the nominal GDP. The Manufacturing sector demonstrated a nominal GDP growth of 8.21% year-on-year during the same period. These sectors, in conjunction with others, have significantly bolstered the overall GDP growth of the country.
The report also highlighted the top Nigerian states with the largest GDP, with Lagos state leading the pack at N41.17 trillion, followed by Rivers, Akwa Ibom, Imo, and Delta states. Anambra, Ondo, and Ogun states trailed behind, further illustrating the economic prowess of these regions.
It is heartening to witness various sectors playing a pivotal role in propelling Nigeria’s economic growth. The performance of these sectors reflects the resilience and potential of the country’s economy. As Nigeria continues to make strides, it is imperative to concentrate on sustaining this growth and delving further into opportunities for economic development.
Through the implementation of sound policies and strategic investments, these sectors can be leveraged to ensure sustainable and inclusive growth, benefitting the entire populace. Continual monitoring and evaluation of the performance of these sectors are also critical to identify areas for enhancement and development.
As Nigeria forges ahead in charting its path for the future, these economic sectors will undoubtedly play a crucial role in propelling the country towards greater prosperity and development. This data furnishes valuable insights into the current state of the economy and presents prospects for further growth and investment. By directing attention to these key sectors, Nigeria can persist in constructing a robust and resilient economy for the future.
