GDP: Mining & Quarrying, Agriculture Lead Top 10 Major Economic Sectors in Nigeria in Q1 2024
Nigeria's Gross Domestic Product (GDP) grew by 2.98% (year-on-year) in real terms in the first quarter of 2024, according to the Nigerian Gross Domestic Product (GDP) Report Q1 2024 published by the National Bureau of Statistics (NBS).
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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%.
Legit.ng earlier reported that the World Bank had hinted that 80% of Africa's growth will be driven by the ten largest economies, with Nigeria, Côte d'Ivoire, Ethiopia, Kenya, and Ethiopia leading the way with 40% of the region's GDP.
In this article, Legit.ng highlights the major economic sectors in Nigeria Q1 2024, according to the report released in May.
Note: According to Investopedia, GDP is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.
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Mining & Quarrying sector
The Mining & Quarrying sector consists of Crude Petroleum and Natural Gas, Coal Mining, Metal ore and Quarrying and other Minerals sub-activities. This sector grew nominally by 34.14% (year-on-year) in Q1 2024.
In real terms, the Mining and Quarrying sector grew by 6.30% (year-on-year) in the first quarter of 2024. Compared to the same quarter of 2023 and the fourth quarter of 2023, it was higher by 10.26% points and lower by 1.74% points, respectively.
Agriculture
Four sub-activities comprise the Agricultural sector: Crop Production, Livestock, Forestry and Fishing. The sector grew by 0.77% year-on-year in nominal terms in Q1 2024, showing a decrease of 4.47% points from the same quarter of 2023.
Quarter-on-quarter growth stood at -37.60% in the first quarter of 2024. Agriculture contributed 17.22% to nominal GDP in the first quarter of 2024.
However, the sector contributed 21.07% to overall GDP in real terms in Q1 2024, lower than the contribution in the first quarter of 2023 and lower than the fourth quarter of 2023 which stood at 21.66% and 26.11% respectively.
Manufacturing
The Manufacturing sector is comprised of thirteen activities: Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood products; Pulp Paper and Paper products; Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber products; Electrical and Electronic; Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing.
Nominal GDP growth of the Manufacturing sector in the first quarter of 2024 was recorded at 8.21% (year-on-year), 9.64% points lower than the figure recorded in the corresponding period of 2023 (17.85%) and 29.85% points lower than the preceding quarter figure of 38.06%.
The Real contribution to GDP in the 2024 first quarter was 9.98%, lower than the 10.13% recorded in the first quarter of 2023 and higher than the 8.23% recorded in the fourth quarter of 2023.
Electricity, Gas, Steam and Air Conditioning Supply
The Electricity, Gas, Steam and Air conditioning Supply sector recorded a year-on-year growth of 17.95% in the first quarter of 2024.
The contribution of Electricity, Gas, Steam and Air Conditioning Supply to Nominal GDP in the first quarter of 2024 was 0.41%
This sector's contribution to real GDP in the first quarter of 2024 was 0.19%, slightly lower than the 0.20% recorded in Q1 2023 and lower than the 0.54% recorded in Q4 2023.
Water Supply, Sewerage, Waste Management and Remediation
This sector grew by 36.23% in nominal terms (year-on-year) in the first quarter of 2024, an increase of 7.84% points compared to the rate of 28.39% recorded in the same quarter of 2023.
The Water Supply, Sewerage, Waste Management and Remediation sector contributed 0.38% to nominal GDP in the first quarter of 2024
Its contribution to total real GDP was 0.24% in the first quarter of 2024, slightly higher than its contribution of 0.23% in the same quarter of the previous year, and higher than the immediate past quarter where it contributed 0.17%.
Construction
The construction sector grew by -0.29% in nominal terms (year-on-year) in the first quarter of 2024, a decrease of 38.00% points compared to the rate of 37.71% recorded in the same quarter of 2023.
Construction contributed 10.24% to nominal GDP in the first quarter of 2024, lower than the 11.79% it contributed a year earlier and higher than the 9.00% contributed to the fourth quarter of 2023.
Its contribution to total real GDP was 4.01% in the first quarter of 2024; lower than its contribution of 4.22% in the same quarter of the previous year, and higher than in the immediate past quarter where it contributed 3.47%.
Trade
In the first quarter of 2024, the nominal year-on-year growth rate of Trade stood at 9.67%.
Trade's contribution to Nominal GDP in the first quarter of 2024 was 11.72%, lower than the contribution in the same quarter of the previous year of 12.28% and lower than the preceding quarter recorded at 11.75%.
Trade's contribution to GDP was 15.70%, lower than the 15.97% it represented in the previous year and higher than the 15.50% recorded in the 2023 fourth quarter.
Accommodation and Food Services
In nominal terms, Accommodation and Food Services grew by 1.78% year-on-year in 2024 first quarter.
Accommodation and Food Services contribution to nominal GDP stood at 1.05% in the first quarter of 2024, lower than the figure recorded in the previous year and higher than the fourth quarter of 2023 contribution recorded at 1.19% and 0.95%, respectively.
The sector in the first quarter of 2024 represented 1.01% of the real GDP, which was relatively same with the contribution of 1.01% recorded in the first quarter of 2023 and higher than the fourth quarter of 2023 contribution of 0.79%.
Transportation and Storage
The transportation and Storage sector consists of six activities: Road Transport, Rail Transport and Pipelines, Water Transport, Air Transport, Transport Services, and Post and Courier Services.
Transport activities contributed 1.66% to Nominal GDP in Q1 2024, a decrease from the 1.71% recorded in the corresponding period of 2023, and higher than the 1.62% recorded in the fourth quarter of 2023.
The sector's contribution to real GDP in Q1 of 2024 was 1.18%, relatively the same as the 1.18% recorded in the preceding year and higher than the 1.10% recorded in the fourth quarter of 2023.
Information & Communication
The Information and Communication sector is composed of the four activities of Telecommunications and Information Services; Publishing; Motion Picture, Sound Recording and Music Production; and Broadcasting.
The Information and Communications sector contributed 13.12% to the total Nominal GDP in the 2024 first quarter, lower than the rate of 13.23% recorded in the same quarter of 2023 and higher than the 12.52% it contributed in the preceding quarter.
Of total real GDP, the sector contributed 17.89% in the 2024 first quarter, higher than in the same quarter of the previous year in which it represented 17.47% and higher than the preceding quarter in which it represented 16.66%.
Top Nigerian states with largest GDP
In related news, Legit.ng reported that Lagos state emerged as Nigeria's largest economy, boasting a GDP of N41.17 trillion.
According to the NBS report, Lagos is followed by Rivers, Akwa Ibom, Imo and Delta states.
Anambra, Ondo, and Ogun states trailed behind N5.14 trillion, N5.10 trillion, and N5.03 trillion, respectively.
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Source: Legit.ng
