2023: Nigeria’s economy grows by 3.46% in 4th quarter 

The nation’s Gross Domestic Products (GDP)  grew 3.46 per cent year-on-year in real terms during the fourth quarter of 2023, according to the latest data from the National Bureau of Statistics (NBS) on Thursday.

The country’s economy also recorded 2.74 for the entire year of 2023, coming short of 3.2% projection by the World Bank and the 2.88% by the Central Bank of Nigeria.

The report showed that the gross domestic product (GDP) was slightly lower than the 3.52 per cent reported in the same period in 2022; it marks a notable uptick from the 2.54 per cent growth reported in the third quarter of 2023.

The driving force behind this growth in the final quarter of 2023 was predominantly the services sector, showcasing an impressive 3.98 per cent growth and contributing a substantial 56.55 per cent to the overall GDP.

The agriculture sector also contributed to the positive momentum, posting a growth of 2.10 per cent, a modest increase from the 2.05 per cent recorded in the fourth quarter of 2022.

The industry sector demonstrated robust growth at 3.86 per cent, marking a significant improvement from the -0.94 per cent recorded in the same period the previous year.

In terms of their contribution to the GDP, both the industry and services sectors played a more substantial role in the aggregate GDP during the fourth quarter of 2023 compared to the corresponding period in 2022.

However, on an annual basis, the GDP growth rate for the entire year of 2023 settled at 2.74 per cent, showing a slight decrease from the 3.10 per cent recorded in 2022.