Services sector lifts Nigeria’s GDP by 2.51%, says NBS

Services sector lifts Nigeria’s GDP by 2.51%, says NBS

Nigeria’s economy grew by 2.51 per cent in the second quarter of this year, compared to the previous quarter, thanks to the services sector.

This is contained in data released by the National Bureau of Statistics on Friday.

The report indicated that Nigeria, Africa’s biggest economy, saw its Gross Domestic Product (GDP) grow by 2.51 per cent (year-on-year) in real terms in Q2 2023, from 2.31 per cent in Q1 2023 and 3.54 per cent in the same period last year.

“This growth rate is lower than the 3.54 percent recorded in the second quarter of 2022 and may be attributed to the challenging economic conditions being experienced,” it said.

It said the performance of the GDP in the second quarter of 2023 was driven mainly by the services sector, which recorded a growth of 4.42 per cent and contributed 58.42 percent to the aggregate GDP.

The services sector is a non-physical, intangible part of the economy such as telecommunications, financial and management consultancy.

The agriculture sector grew by 1.50 per cent, an improvement from the growth of 1.20 per cent recorded in the second quarter of 2022.

The growth of the industry sector was -1.94 per cent relative to -2.30 per cent recorded in the second quarter of 2022.

In terms of share to the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the second quarter of 2023 compared to the second quarter of 2022.