The NBS reported stated that the figure was higher than the 2.31 percent recorded in the first quarter of 2023 but lower than the fourth quarter of 2023 growth of 3.46 percent.
It stated that the services sector, which recorded a growth of 4.32 percent, contributed 58.04 percent to the aggregate GDP.
According to the report, “The agriculture sector grew by 0.18 percent, from the growth of -0.90 percent recorded in the first quarter of 2023. The growth of the industry sector was 2.19 percent, an improvement from 0.31 percent recorded in the first quarter of 2023.
“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the first quarter of 2024 compared to the corresponding quarter of 2023.”
The NBS further stated that aggregate GDP stood at N58 trillion in nominal terms.
“This performance is higher when compared to the first quarter of 2023 which recorded aggregate GDP of N51.2 trillion, indicating a year-on-year nominal growth of 14.86 percent,” it added.
The report also stated that there was a rise in the average daily oil production to 1.57 million barrels per day (mbpd), higher than the daily average production of 1.51mbpd recorded in the same quarter of 2023 by 0.06 mbpd and the fourth quarter of 2023 production volume of 1.55 mbpd by 0.02 mbpd.
It noted that the real growth of the oil sector was 5.70 percent (year-on-year) in Q1 2024, indicating an increase of 9.91 percent relative to the rate recorded in the corresponding quarter of 2023 (-4.21 percent).
While the non-oil sector grew by 2.80 percent in real terms during the reference quarter (Q1 2024).
“This rate was higher by 0.02 percent compared to the rate recorded in the same quarter of 2023 and 0.28 percent lower than the fourth quarter of 2023. This sector was driven in the first quarter of 2024 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop production); Trade; and Manufacturing (Food, Beverage,and Tobacco), accounting for positive GDP growth,” it added.