LATEST data from the National Bureau of Statistics (NBS) have shown that for the first three months of 2024, Nigeria’s Gross Domestic Product (GDP) dropped to 2.98 per cent in real terms.
The 2.98 per cent is lesser than 6 per cent annual growth promised by President Bola Ahmed Tinubu at his inauguration on May 29, 2023.
According to the report, although the GDP is higher than the 2.31 per cent recorded in the first quarter of 2023, it is lower than the fourth quarter of 2023 growth of 3.46 per cent.
NBS said that the 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.
Findings from the report showed that crop production, trade, and information and communication services contributed almost 50 per cent to the GDP than other sectors.
“The agriculture sector grew by 0.18 per cent, from the growth of -0.90 per cent recorded in the first quarter of 2023. The increase in the industry sector was 2.19 per cent, an improvement from 0.31 per cent recorded in the first quarter of 2023.
“In the quarter under review, aggregate GDP stood at N58,855,142.27 million in nominal terms. This performance is higher when compared to the first quarter of 2023 which recorded an aggregate GDP of N51,242,151.21 million,” the statistics office added.
The ICIR also reported the promise of the president, while giving his inaugural speech on May 29, to increase Nigeria’s GDP by six per cent annually, but, experts had told The ICIR that President Bola Tinubu was unlikely to achieve his target of increasing the country’s GDP rate to six per cent annually.
Regarding real GDP per capita, The ICIR calculation shows that each Nigeran contribution to the GDP growth is around N12.5 over the projected 228.54 million people. The decrease in the GDP might not be unconnected to the rising inflation rate which climbed to 33.69 per cent in April from 33.20 per cent in March 2024.
Kehinde Ogunyale tells stories by using data to hold power into account. You can send him a mail at jameskennyogunyale@gmail or Twitter: Prof_KennyJames | LinkedIn: Kehinde Ogunyale