May 2024 Monthly Domestic Economic Review

Image Credit: OVP

June 19, 2024/United Capital Research

Below are highlights of Nigeria’s economic performance;
•The Nigerian economy grew by 2.98% year-on-year in Q1 2024, down from 3.46% in Q4 2023.
•The oil sector grew by 5.7% in Q1’24 down from 12.11 in Q4’23 while the same slowdown was recorded in the same slowdown was seen in the Oil sector which fell to 2.8% in Q124 from 3.07% in Q4’23
•The services sector contributed 83.2% to real GDP growth, while industries and agriculture contributed 15.5% and 1.3% respectively.
•The agricultural sector growth slowed to 0.18% in Q1 2024, down from 2.10% in Q4 2023.
•The industrial sector growth slowed to 2.19% in Q1 2024, down from 3.86% in Q4 2023.
•The services sector expanded by 4.32% in Q1 2024, up from 3.98% in Q4 2023, highlighting its dominant role in the economy.

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