Nigeria’s Gross Domestic Product grew by 3.46 percent year-on-year in real terms in the fourth quarter of 2023, the National Bureau of Statistics has disclosed.
In its ‘Nigerian Gross Domestic Product Report (Q4, 2023),’ released on Thursday, the NBS said the growth rate is lower than the 3.52 percent recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54 percent
It added that the service industry was responsible for the growth in the quarter.
The IMF and World Bank expected Nigeria’s economy to grow by 2.9 percent in 2023.
The report read, “Nigeria’s Gross Domestic Product (GDP) grew by 3.46 percent (year-on-year) in real terms in the fourth quarter of 2023.
“This growth rate is lower than the 3.52 percent recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54 percent.
“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 percent and contributed 56.55 percent to the aggregate GDP”
In terms of share of the GDP, industry, and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022.
“The agriculture sector grew by 2.10 percent, from the growth of 2.05 percent recorded in the fourth quarter of 2022. The growth of the industry sector was 3.86 percent, an improvement from -0.94 percent recorded in the fourth quarter of 2022. In terms of share of the GDP, industry, and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022. On an annual basis, GDP grew by 2.74 percent in 2023 relative to 3.10 percent in 2022,” the report added.
