According to the latest report from the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) increased by 3.46% year-on-year in real terms during the fourth quarter of 2023.
In its GDP Report for Q4 2023 released on Thursday, the NBS said this growth rate, although slightly lower than the 3.52% recorded in Q4 2022, surpassed the Q3 2023 growth of 2.54%.
The Services sector primarily drove this growth, expanding by 3.98% and contributing 56.55% to the total GDP.
“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.”
