The National Bureau of Statistics (NBS) has revealed that Nigeria’s Gross Domestic Product (GDP) experienced an average growth of 2.74% in 2023, as stated in its latest report.
This figure marks a slight decrease from the 3.10% growth recorded in 2022, as highlighted by the NBS.
However, the report indicates that the economy exhibited a year-on-year growth of 3.46% in real terms during the fourth quarter of 2023.
This growth rate, while lower than the 3.52% recorded in the fourth quarter of 2022, surpasses the third quarter of 2023 growth rate of 2.54%.
The Services sector emerged as the primary driver of GDP growth in the fourth quarter of 2023, with a notable expansion of 3.98%, contributing 56.55% to the overall GDP. Additionally, the agriculture sector experienced growth of 2.10%, a slight increase from the 2.05% growth recorded in the same period of 2022.
Furthermore, the industry sector demonstrated significant improvement, achieving a growth rate of 3.86%, contrasting with the -0.94% recorded in the fourth quarter of 2022.
The report also highlights that the nominal GDP for the quarter stood at N65.9 trillion, representing an increase from the N56.7 trillion recorded in the fourth quarter of 2022, indicating a substantial year-on-year nominal growth of 16.12%.
These statistics provide valuable insights into Nigeria’s economic performance, indicating growth areas and opportunities for further development in various sectors.
