Nigeria’s GDP Rose By 2.54 Percent In Q3 Of 2023 – NBS Reveals

In real terms, Nigeria’s GDP increased by 2.54% year over year in the third quarter of 2023, according to data released by the National Bureau of Statistics.

The report released by NBS on Friday detailed that the growth rate is higher than the 2.25 per cent recorded in Q2, 2022, and higher than the second quarter 2023 growth of 2.51 per cent.

CrudePen reports that the NBS in its Nigerian Gross Domestic Product Report (Q3, 2023) detailed that the services sector, which grew by 3.99% and made up 52.70 percent of the GDP overall, was the major driver of the GDP’s performance in the third quarter of 2023.

The report said that “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 nominal GDP for the quarter under review was N60.66 trillion, which represents a nominal rise of 16.08 percent year over year. This performance was better than Q3, 2022, when the nominal GDP was recorded at N52.26 trillion.”