BREAKING: Nigeria’s gross domestic product grew by 3.46% YoY in Q4 2023

The National Bureau of Statistics (NBS) on Thursday revealed that Nigeria’s Gross Domestic Product (GDP) grew by 3.46 per cent (year-on-year) in real terms in the fourth quarter of (Q4) 2023.

This growth rate is lower than the 3.52per cent recorded in the fourth quarter of (Q4) 2022 and higher than the third quarter of (Q3) 2023 growth of 2.54per cent.

According to NBS, the performance of the GDP in the Q4 2023 was driven mainly by the Services sector, which recorded a growth of 3.98per cent and contributed 56.55per cent to the aggregate GDP.

The report stated that agriculture sector grew by 2.10per cent, from the growth of 2.05per cent recorded in the Q4 2022.

NBS disclosed that “the growth of the industry sector was 3.86per cent, an improvement from -0.94 per cent 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 2.74per cent in 2023 relative to 3.10 per cent in 2022.

“In the quarter under review, aggregate GDP stood at N65,908,258.59 million in nominal terms. This performance is higher when compared to the fourth quarter of 2022 which recorded aggregate GDP of N56,757,889.95 million, indicating a year-on-year nominal growth of 16.12 per cent,” the report revealed.