June 13, 2024

A survey by the National Bureau of Statistics, (NBS) has revealed that Nigeria’s Gross Domestic Product (GDP) on a yearly scale, has expanded by 2.74 per cent in 2023, a slight deceleration from the 3.10 per cent growth rate attained in 2022.

The report said this represents the slowest growth since 2020 when the economy contracted by 1.92 per cent due to the pandemic.

For Q4 2023, experienced a growth of 3.46 per cent on a year-on-year basis in Q4 of 2023.

According to NBS, the rate of expansion signifies a slight decrease from the 3.52 percent growth observed in Q4 of 2022, yet it marks an improvement over the 2.54 percent growth rate seen in Q3 of 2023.

The primary driver of the economic growth in the final quarter of 2023 was the Services sector, which not only grew by 3.98 per cent but also contributed significantly, accounting for 56.55 per cent of the total GDP.

Meanwhile, the Agriculture sector also saw a modest increase in its growth rate, moving from 2.05 per cent in the fourth quarter of the previous year to 2.10 per cent in the same quarter of 2023.

In the fourth quarter of 2023, Nigeria’s industry sector experienced a growth rate of 3.86 per cent, marking a significant recovery from the -0.94 per cent decline observed in the same period of 2022.

This growth contributed notably to the country’s aggregate GDP, with both the industry and services sectors increasing their contributions to the overall GDP in the fourth quarter of 2023, compared to their performance in the fourth quarter of 2022.




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