Nigeria’s Gross Domestic Product (GDP) increased by 2.74% on average in 2023, according to data released by the National Bureau of Statistics (NBS).
According to the report, the nation’s 2023 economy figure was less than 2022’s 3.10%.
In the meantime, the report stated that during the fourth quarter of 2023, real economic growth was 3.46 percent (year over year).
According to the report, the rate is higher than the 2.54% growth seen in the third quarter of 2023 and lower than the 3.52% growth noted in the fourth quarter of 2022.
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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.”
The industry sector’s growth was reported to have improved to 3.86% from -0.94% 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%.”
