BREAKING: Nigeria’s Economy Grew By 2.54% In Q3 As Agric, Industry Sector Contribution Drops

The National Bureau of Statistics (NBS) has said that the Gross Domestic Product (GDP) grew by 2.54 per cent in the third quarter of 2023.

This shows that on a year-on-year basis, the GDP grew by 0.29 per cent compared to the 2.25 per cent recorded in the second quarter of 2022.

However, on a quarter-on-quarter basis, the growth was minimal as it rose by 0.03 per cent compared to the 2.51 per cent recorded in the second quarter of 2023.

The statistics office on Friday disclosed this in its Nigerian Gross Domestic Product Report (Q3 2023) and it’s the second output data to be released after President Bola Tinubu took office in May and initiated reforms.

The NBS Report stated, “The third quarter growth 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.

“Also, 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.”

The statistics agency also said In the quarter under review that the aggregate nominal GDP stood at N60.7trn.

This is higher when compared to the second quarter of 2022, which recorded an aggregate nominal GDP of N52,26trn indicating a year-on-year nominal growth rate of 16.08 per cent.