Gross Domestic Product

Production, Income and Expenditure Approach

SUMMARY
▪ In the first quarter of 2024, Nigeria’s real GDP at basic prices grew by 2.98% on a year-on-year basis,
showing a higher growth rate compared to the corresponding quarter of 2023 which was 2.31%.
Growth of Q2 of 2024 remained positive at 3.19%, higher compared to the Q2 of 2023 growth
(2.51%). Moreover, relative to Q1 and Q2 of 2023, the performances in 2024 indicate an increase
of 0.67% points in the Q1 of 2024 growth rate and a rise of 0.68% points in Q2 of 2024 growth rate.

▪ Household Consumption Expenditure in Q1 and Q2 of 2024 fell by 42.28% and 61.18% in real terms,
year-on-year. The growth rates in Q1 and Q2 of 2024 were lower than the rates recorded in Q1 of
2023 and Q2 of 2023. Government Consumption Expenditure in real terms recorded growth rates
of 21.76% and -5.54% in Q1 and Q2 of 2024 respectively, on a year-on-year basis, higher, compared
to 17.83% in Q1 of 2023 and lower relative to 5.79% in Q2 of 2023.



▪ Net Exports recorded positive growth rates since Q3 2023, a departure from a negative growth
rate in the second quarter of 2023. Net exports grew in real terms in Q1 and Q2 of 2024 by 143.83%
and 340.30% respectively. These rates were higher than the -1,650.44% and -14.22% recorded in
Q1 and Q2 of 2023 respectively.

▪ National Disposable Income grew by 12.91% and 17.44% in Q1 and Q2 of 2024 respectively, higher
than the growth of 9.17% in Q1 of 2023 and 8.45% in Q2 of 2023 on a year-on-year basis in real
terms. The growth of National Disposable Income became positive since Q4 of 2021, showing a
better performance in Q1 and Q2 of 2024 relative to Q1 and Q2 of 2023.

▪ Compensation of Employees in the Q1 and Q2 of 2024 grew by 12.16%, and -19.68% respectively
in real terms on a year-on-year basis. These growth rates were lower than the 15.08% and 19.41%
recorded in Q1 and Q2 of 2023 respectively.

Nigeria’s Gross Domestic Product (GDP) grew by 3.84% (year-on-year) in real terms in the fourth quarter of 2024. This growth rate is higher than the 3.46% recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46%). The performance of the GDP in the fourth quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 5.37% and contributed 57.38% to the aggregate GDP. The agriculture sector grew by 1.76%, from the growth of 2.10% recorded in the fourth quarter of 2023. The growth of the industry sector was 2.00%, a decline from 3.86% recorded in the fourth quarter of 2023. In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the fourth quarter of 2024 compared to the corresponding quarter of 2023. Overall, the annual GDP growth in 2024 stood at 3.40%, an increase from 2.74% in 2023.