Nigeria’s GDP Grew 3.46% YoY in Q4 2023

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

According to NBS, the performance of the GDP in Q4 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 report stated that the agriculture sector grew by 2.10 per cent, from the growth of 2.05 per cent recorded in  Q4 2022.

The growth of the industry sector was 3.86 per cent, an improvement from -0.94 per cent recorded in  Q4 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 Q4 2022. On an annual basis, GDP grew by 2.74 per 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 an aggregate GDP of N56,757,889.95 million, indicating a year-on-year nominal growth of 16.12 per cent. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.

For the oil sector, the nation in Q4 2023 recorded an average daily oil production of 1.55 million barrels per day (mbpd), higher than the daily average production of 1.34mbpd recorded in the same quarter of 2022 by 0.21mbpd and higher than the Q3 2023 production volume of 1.45 mbpd by 0.10mbpd.

According to NBS, the non-oil sector grew by 3.07 per cent in real terms during  Q4 2023.

This rate was lower by 1.37 percentage points compared to the rate recorded in the same quarter of 2022 and 0.32 percentage points higher than Q3 2023.

“This sector was driven in the fourth quarter of 2023 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunication); Agriculture (Crop production); Trade; Construction; Manufacturing (Food, Beverage, and Tobacco) and Real Estate, accounting for positive GDP growth. On an annual basis, the non-oil sector growth in 2023 stood at 3.04 per cent relative to 4.84 per cent recorded in 2022.

“In real terms, the non-oil sector contributed 95.30per cent to the nation’s GDP in Q4 2023, lower than the share recorded in Q4  2022 which was 95.66 per cent and higher than the Q3 2023 recorded as 94.52 per cent,” the report added.

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