Nigeria recorded 2.74% GDP growth in 2023 – NBS

Nigeria recorded 2.74% GDP growth in 2023 – NBS 

Nigeria recorded a growth of  2.74 percent last year in its Gross Domestic Product (GDP), the National Bureau of Statistics said on Thursday.

The figure, it said, represented a 0.36 percentage point year-on-year decline from 3.1 percent in 2022.

It said, “On an annual basis, GDP grew by 2.74 percent in 2023 relative to 3.1 percent in 2022.”

A breakdown of the quarterly GDP growth rate in the report showed that the GDP stood at 2.31 percent in the first quarter of 2023 (Q1’23) and grew by 2.51 percent in Q2’23.

In Q3’23, the GDP growth was 2.54 percent and 3.46 percent in the fourth quarter of 2023 (Q4’23), resulting in an annual growth of 2.74 percent.

The NBS also said the oil sector growth stood at -2.22 percent in 2023 when compared with -19.22 percent growth in 2022.

The non-oil sector grew by 3.04 percent in 2023 representing a 1.8 percentage points YoY decline when compared to 4.84 percent growth in 2022.

However, GDP grew by 0.92 percent to 3.46 percent in Q4’23.

According to the bureau the performance of the GDP in Q4’23 was driven mainly by the Services sector with a growth of 3.98 percent contributing 56.5 percent to the aggregate GDP.

The bureau said, “Nigeria’s GDP grew by 3.46 per cent (YoY) in real terms in Q4’23. This growth rate is lower than the 3.52 percent recorded in Q4’22 and higher than Q3’23 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 56.5 percent to the aggregate GDP.

“The agriculture sector grew by 2.1 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 Q4’22.

“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 Q4’22.”