The National Bureau of Statistics (NBS) has revealed that Nigeria’s Gross Domestic Product (GDP) experienced a year-on-year growth of 2.54% in real terms during the third quarter of 2023.
This growth rate surpasses the 2.25% recorded in Q2 2022 and is an improvement from the 2.51% growth in the second quarter of 2023. The primary driver of this growth was the service industry.
According to the ‘Nigerian Gross Domestic Product Report (Q3, 2023)’ released on Thursday, the Services sector played a pivotal role, exhibiting a growth of 3.99%, contributing 52.70% to the overall GDP.
The agriculture sector also contributed to the positive growth with a 1.30% increase compared to the third quarter of 2022.
The industry sector showed improvement with a growth rate of 0.46%, a significant improvement from the -8.00% recorded in the third quarter of 2022.
However, in terms of their share in the GDP, both the agriculture and industry sectors contributed less to the aggregate GDP in the third quarter of 2023 compared to the same period in 2022.
In nominal terms, the aggregate GDP for the quarter stood at N60.66 trillion, indicating a year-on-year nominal growth of 16.08%, surpassing the Q3 2022 aggregate GDP of N52.26 trillion.
This positive growth reflects the resilience and improvement in Nigeria’s economic performance during the stated period.