Contributions of the information and communications technology sector to Nigeria’s gross domestic product dropped from N8.4 trillion in Q4, 2023 to N7.9 trillion in Q1, 2024.
Providing basis for the development, the document explained that GDP and the associated growth rate remain the most common metric for tracking economic performance. According to him, similar to the performance of many key sectors, it was followed by a “patterned fall” in Q1, 2024 to N7.86 trillion. Tijani said that the historical pattern indicates that Q1 performance is often below the preceding Q4 performance.
“Understanding these differences, a comparison between nominal GDP values and GDP growth rate establishes an improvement in nominal performance even with a reduced growth rate. It is important to also establish that a slower growth rate is not the same as a negative growth and the observed fall in growth rate extends to seven quarters back,” he stated.