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Nigeria’s GDP grew by 2.74% in 2023

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Nigeria’s GDP grew by 2.74% in 2023

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National Bureau of Statistics
National Bureau of Statistics says Nigeria’s Gross Domestic Product (GDP) grew averagely by 2.74% in 2023.

NBS in the GDP report said the 2023 figure was lower than the 3.10% the economy recorded in 2022.

The Bureau’s report, however, added that the economy grew by 3.46% (year-on-year) in real terms in the fourth quarter of 2023.

The report said the rate is lower than the 3.52% recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54%.

“The performance of the GDP in the fourth quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.98% and contributed 56.55% to the aggregate GDP. The agriculture sector grew by 2.10%, from the growth of 2.05% recorded in the fourth quarter of 2022,” it said.

The report further said the growth of the industry sector was 3.86%, an improvement from -0.94% recorded in the fourth quarter of 2022.

“In the quarter under review, aggregate GDP stood at N65.9 trn in nominal terms. This performance is higher when compared to the fourth quarter of 2022 which recorded aggregate GDP of N56.7trn, indicating a year-on-year nominal growth of 16.12%,” it added.