Nigeria’s Gross Domestic Product (GDP) grew by 3.46 per cent (year-on-year) in real terms in the fourth quarter of 2023.
In its Gross Domestic Product Report Q4 2023, the National Bureau of Statistics (NBS) said the growth rate is lower than the 3.52 per cent recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54 per cent.
According to the bureau, “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 per cent and contributed 56.55 per cent to the aggregate GDP.
“The agriculture sector grew by 2.10 per cent, from the growth of 2.05 per cent recorded in the fourth quarter of 2022.
“The growth of the industry sector was 3.86 per 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 2.74 per cent in 2023 relative to 3.10 per cent in 2022.
