Nigeria’s Economy Records 2.54% Growth in Q3 2023

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By Adedapo Adesanya

 Nigeria’s economy, measured through its gross domestic product (GDP), witnessed a 2.54 per cent growth in the third quarter (Q3) of the year 2023.

In a report published on Friday by the National Bureau of Statistics (NBS), the 2.54 per cent year-on-year growth in real terms in the third quarter of 2023 is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51 per cent.

The bureau further said that the performance of the GDP in the third quarter of 2023 was driven mainly by the Services sector.

According to the statement, the country’s Services sector recorded a growth rate of 3.99 per cent and contributed 52.70 per cent to the aggregate GDP.

The agriculture sector grew by 1.30 per cent, up 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.

NBS added that 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.

For the oil sector, Nigeria recorded an average daily oil production of 1.45 million barrels per day, higher than the daily average production of 1.20 million barrels per day recorded in the same quarter of 2022 by 0.25 million barrels per day and higher than the second quarter of 2023 production volume of 1.22 million barrels per day by 0.23 million barrels per day.

The non-oil sector grew by 2.75 per cent in real terms during the reference quarter. This rate was lower by 1.52 per cent points compared to the rate recorded in the same quarter of 2022 and 0.84 per cent points lower than the second quarter of 2023.

This sector was driven in the third quarter of 2023 mainly by Information and Communication (Telecommunication); Financial and Insurance (Financial Institutions); Agriculture (Crop production); Trade; Construction; and Real Estate, accounting for positive GDP growth.

In real terms, the non-oil sector contributed 94.52 per cent to the nation’s GDP in the third quarter of 2023, higher than the share recorded in the third quarter of 2022 which was 94.34 per cent and lower than the second quarter of 2023 recorded as 94.66 per cent.

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