Nigeria’s GDP grows to 2.74% Q4,2023
By Patience Ikpeme
Nigeria’s Gross Domestic Product (GDP) grew by 2.74 percent in 2023, a decrease from the 3.10 percent growth seen in 2022, according to the National Bureau of Statistics (NBS).
In the fourth quarter of 2023, both the industry and services sectors contributed more to the GDP compared to the same period in 2022. The services sector recorded a growth of 3.98 percent, contributing 56.55 percent to the aggregate GDP, while the industry sector contributed 3.86 percent.
On a year-on-year basis, the GDP grew by 3.46 percent in real terms in the fourth quarter of 2023, slightly lower than the 3.52 percent recorded in the same period of 2022 but higher than the 2.54 percent growth seen in the third quarter of 2023.
The performance of the GDP in the fourth quarter of 2023 was primarily driven by the services sector, which grew by 3.98 percent, followed by the agriculture sector with a growth of 2.10 percent, and the industry sector with a growth of 3.86 percent, showing improvement from the previous year.
In terms of the share of GDP, both the industry and services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to 2022. Annual GDP growth for 2023 was 2.74 percent, down from 3.10 percent in 2022.
The aggregate GDP for the fourth quarter of 2023 stood at N65,908,258.59 million in nominal terms, representing a year-on-year nominal growth of 16.12 percent compared to the same period in 2022.
Analyzing the oil and non-oil sectors, NBS data revealed an average oil production of 1.55 million barrels per day (mbpd) in the fourth quarter of 2023, higher than the 1.34 mbpd recorded in the same quarter of 2022. The real growth of the oil sector in Q4 2023 was 12.11 percent, while the non-oil sector grew by 3.07 percent.
The non-oil sector, including financial institutions, telecommunications, agriculture, trade, construction, manufacturing, and real estate, drove positive GDP growth in the fourth quarter of 2023.
On an annual basis, the non-oil sector’s growth in 2023 stood at 3.04 percent, contributing 95.30 percent to the nation’s GDP in the fourth quarter of 2023, slightly lower than the share recorded in the same period of 2022.
