Nigeria’s GDP grew by 2.74% in 2023

Nigeria’s Gross Domestic Product (GDP) grew averagely by 2.74% in 2023, the National Bureau of Statistics (NBS), has disclosed. The NBS in the GDP report said the 2023 figure was lower that the 3.10% the economy recorded in 2022. Meanwhile, the report said the economy grew by3.46% (year-on-year) in real terms in the fourth quarter […]

Nigeria’s Gross Domestic Product (GDP) grew averagely by 2.74% in 2023, the National Bureau of Statistics (NBS), has disclosed.

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

Meanwhile, the report said the economy grew by3.46% (year-on-year) in real terms in the fourth quarter of 2023.

It 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%.

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“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 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%.”