Nigeria’s GDP grew by 2.54% in Q3, says NBS

Nigeria’s Gross Domestic Product grew by 2.54 per cent year-on-year in real terms in the third quarter of 2023, the National Bureau of Statistics has disclosed. 

This growth rate is higher than the 2.25 per cent recorded in Q2, 2022, and higher than the second quarter 2023 growth of 2.51 per cent. The service industry was responsible for the growth in the quarter. 

In its ‘Nigerian Gross Domestic Product Report (Q3, 2023),’ released on Thursday, the NBS said, “The performance of the GDP in the third quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.99 per cent and contributed 52.70 per cent to the aggregate GDP. 

“The agriculture sector grew by 1.30 per cent, from the growth of 1.34 per cent recorded in the third quarter of 2022.  

The growth of the industry sector was 0.46 per cent, an improvement from -8.00 per cent recorded in the third quarter of 2022. In terms of share of the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the third quarter of 2023 compared to the third quarter of 2022.” 

In the quarter under review, aggregate GDP stood at N60.66tn in nominal terms, a performance higher than Q3, 2022 which recorded aggregate GDP of N52.26tn, indicating a year-on-year nominal growth of 16.08 per cent.