Services Sector Drives Growth As Nigeria’s Economy Expands By 3.46% In Fourth Quarter Of 2023

The National Bureau of Statistics on Thursday said Nigeria’s Gross Domestic Product grew by 3.46 per cent in the fourth quarter of 2023.

The NBS said the growth rate is lower than the 3.52 per cent recorded in the same quarter in 2022 and higher than the 2.54 per cent recorded in the third quarter of 2023.

The NBS disclosed this in its GDP report for Q4, released on Thursday.

The bureau said the growth rate was mainly driven by the services sector, which recorded a 3.98 per cent and contributed 56.55 per cent to the aggregate GDP.
It added that the agriculture sector grew by 2.10 per cent, from the growth of 2.05 per cent recorded in the fourth quarter of 2022.

The growth of the industry sector was 3.86 per cent, an improvement from -0.94 per cent recorded in the fourth quarter of 2022.

The NBS said on an annual basis, GDP grew by 2.74 per cent in 2023 relative to 3.10 per cent in 2022.

It said, “The growth of the industry sector was 3.86 per cent, an improvement from -0.94 per cent recorded in the fourth quarter of 2022. In terms of share of the GDP, industry, and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022.

“On an annual basis, GDP grew by 2.74 per cent in 2023 relative to 3.10 per cent in 2022. In the quarter under review, aggregate GDP stood at N65.9trn in nominal terms. This performance is higher when compared to the fourth quarter of 2022 which recorded aggregate GDP of N56.75trn indicating a year-on-year nominal growth of 16.12 per cent.”