Nigeria’s Gross Domestic Product (GDP) on an annual scale, the GDP expanded by 2.74% in 2023, a slight deceleration from the 3.10% growth rate achieved in 2022.
This represents the slowest growth since 2020 when the economy contracted by –1.92% due to the pandemic.
For Q4 2023, experienced a growth of 3.46% on a year-on-year basis in Q4 of 2023. This rate of expansion signifies a slight decrease from the 3.52% growth observed in Q4 of 2022, yet it marks an improvement over the 2.54% growth rate seen in Q3 of 2023.
The primary driver of this economic growth in the final quarter of 2023 was the Services sector, which not only grew by 3.98% but also contributed significantly, accounting for 56.55% of the total GDP.
Meanwhile, the Agriculture sector also saw a modest increase in its growth rate, moving from 2.05% in the fourth quarter of the previous year to 2.10% in the same quarter of 2023.
In the fourth quarter of 2023, Nigeria’s industry sector witnessed a growth rate of 3.86%, marking a significant recovery from the -0.94% decline observed in the same period of 2022.
This growth contributed notably to the country’s aggregate GDP, with both the industry and services sectors increasing their contributions to the overall GDP in the fourth quarter of 2023, compared to their performance in the fourth quarter of 2022.
Details later…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has justified its earlier request…
The Special Adviser to President Bola Tinubu on Policy Communications, Daniel Bwala, has described defending…
An aide to former President Goodluck Jonathan between 2010 and 2015, Reno Omokri has revealed why he…
The ruling All Progressives Congress (APC) has warned the Labour Party (LP) presidential candidate in…
The Obidient Movement has expressed concern over what it describes as a reckless attack on…
A former Director-General of the Peter Obi Presidential Campaign Council, Doyin Okupe, says the recent…