According to the National Bureau of Statistics (NBS), Nigeria’s GDP increased by 3.46% year on year in real terms in Q4 2023.
According to the NBS’s GDP Report for Q4 2023, which was released on Thursday, this growth rate was lower than the 3.52% reported in Q4 2022 but better than the 2.54% increase in Q3 2023.
“The performance of the GDP in the fourth quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.98% and contributed 56.55% to the aggregate GDP,” the Bureau stated.
“The agriculture sector grew by 2.10%, from the growth of 2.05% recorded in the fourth quarter of 2022. The growth of the industry sector was 3.86%, an improvement from -0.94% recorded in the fourth quarter of 2022.
“In terms of share of the GDP, industry, and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022.
“On an annual basis, GDP grew by 2.74% in 2023 relative to 3.10% in 2022.”