According to the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) grew by 2.98 percent in Q1 2024, a decrease of 0.48 percentage points from the 3.46 percent growth rate recorded in Q4 2023. However, it is 0.67 percentage points higher than 2.31 percent growth rate recorded in Q1 2023. At the disaggregated level, in Q1 2024, services accounted for 58.04 percent of the GDP, the agricultural sector accounted for 21.07 percent, and the industrial sector contributed 20.89 percent.
June 5, 2024
Nigeria Economic Update (Issue 20)
Related
Nigeria Economic Update (Issue 21)
Nigerias domestic crude production increased significantly in April 2017. OPECs Month-on-Month data shows a 22.6 percent increase to 1.5 million barrels per day constituting the biggest increase among oil producing group. Crude production increased at the backdrop of completion of scheduled maintenance/repairs at the Bonga oil field, implying resumption of crude production by an additional 225,000 barrels. Remarkably, Nigeria is progressively moving towards meeting daily output benchmark/target (2.2 million barrels per day). Given recent boost in domestic crude oil production, considerable effort should be made to improve the countrys refining capacity in order to reduce fuel importation and conserve foreign exchange.
Nigeria Economic Update (Issue 40)
OPEC
weekly basket price declined by 2.4 percent to $42.68/barrel on September 16,
2016. This was triggered by a rise in US oil reserve, amid an
outlook on weak global oil demand. Similarly, provisional data by
OPEC reveals a steady decline in Nigerias crude oil production. Notably, production
declined by 3.4 percent to 1.47 mbd in August, 2016.