The National Bureau of Statistics has disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 2.54 percent year-on-year in real terms in the third quarter of 2023.
The rate according to the NBS is higher than the 2.25 percent recorded in Q2, 2022, and higher than the second quarter 2023 growth of 2.51 percent. The service industry was responsible for the growth in the quarter.
The NBS in its ‘Nigerian Gross Domestic Product Report (Q3, 2023),’ released on Thursday said, “The performance of the GDP in the third quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.99 per cent and contributed 52.70 percent to the aggregate GDP.
“The agriculture sector grew by 1.30 percent, from the growth of 1.34 percent recorded in the third quarter of 2022.
The industry sector recorded 0.46 percent growth, an improvement from -8.00 percent recorded in the third quarter of 2022. In terms of share of the Gross Domestic Product, agriculture, and the industry sectors contributed less to the aggregate GDP in the third quarter of 2023 compared to the third quarter of 2022.”
In the quarter under review, aggregate Gross Domestic Product stood at N60.66tn in nominal terms, a performance higher than Q3, 2022 which recorded aggregate GDP of N52.26tn, indicating a year-on-year nominal growth of 16.08 per cent.
