Nigeria records 3.46% GDP growth in Q4, 2023 — NBS

The National Bureau of Statistics (NBS) has reported that Nigeria’s Gross Domestic Product (GDP) grew by 3.46 percent year-on-year in real terms in the fourth quarter of 2023 (Q4, 2023).

The NBS’s latest report shows that the growth rate was lower than the 3.52 percent recorded in the fourth quarter of 2022 but higher than the 2.54 percent in the third quarter of 2023.

The NBS stated that the performance of the GDP in the fourth quarter of 2023 was primarily driven by the Services sector, which recorded a growth of 3.98 percent and contributed 56.55 percent to the aggregate GDP.

The report reveals that the agriculture sector grew by 2.10 percent, up from the 2.05 percent recorded in the fourth quarter of 2022. It also noted a growth of 3.86 percent in the industry sector, an improvement from the -0.94 percent recorded in the fourth quarter of 2022.

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According to the NBS, in terms of the share of the GDP, both the industry and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022.

However, the NBS stated that on an annual basis, the GDP grew by 2.74 percent in 2023, relative to 3.10 percent in 2022.