Nigeria’s GDP Growth Slows To 2.51% As Agric Sector Contribution Drops

The National Bureau of Statistics (NBS) has said that the Gross Domestic Product (GDP) grew by 2.51 per cent in the second quarter of 2023.

This shows that on a year-on-year basis, the GDP growth slowed by 1.03 per cent compared to the 3.54 percent recorded in the second quarter of 2022.

The statistics bureau said this in its Nigerian Gross Domestic Product Report Q2 2023, released on Friday.

The NBS said the major driver of the slow growth in GDP was the services sector, which recorded a growth of 4.42 per cent and contributed 58.42 per cent to the aggregate GDP.

Within the period of three months, since Bola Tinubu was inaugurated as the President of Nigeria, the country’s economy has seen a swift shift in economic policy.

The report reads, “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 per cent to the aggregate GDP.

“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 of 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.”

The statistics agency also said In the quarter under review, the aggregate GDP stood at N52.1trn.

This is higher when compared to the second quarter of 2022, which recorded an aggregate GDP of N45trn indicating a year-on-year nominal growth rate of 15.77 per cent.