The National Bureau of Statistics (NBS) on Thursday, February 22, Nigeria’s Gross Domestic Product (GDP) saw a growth of 3.46% in real terms during the fourth quarter of 2023 (Q4 2023).
This figure, outlined in the “Q4 2023 GDP Report,” reflects a slight dip from the 3.52% recorded in 2022 but marks an improvement from the third quarter’s growth of 2.54%.
The service sector emerged as the primary driver of this growth, expanding by 3.98% and contributing significantly, accounting for 56.55% of the total GDP. Agriculture also saw growth, increasing by 2.10% compared to the previous year’s 2.05%.
Meanwhile, the industry sector exhibited substantial improvement, recording a growth rate of 3.86%, a notable increase from 0.94% in Q4 2022.
When considering the contribution to GDP, both the industry and services sectors showed an uptick in the fourth quarter of 2023 compared to the same period in 2022.
Overall, Nigeria’s GDP experienced a yearly growth of 2.74% in 2023, down slightly from the 3.10% recorded in 2022.
In nominal terms, the aggregate GDP for Q4 2023 stood at N65,908,258.59 million, reflecting a 16.12% increase compared to the same quarter in 2022.
The report further delineates the Nigerian economy into oil and non-oil sectors. Notably, the oil sector saw an average daily production of 1.55 million barrels per day (mbpd) in Q4 2023, marking an increase from 1.34mbpd in the same period of 2022. The real growth rate for the oil sector was reported at 12.11% year-on-year, indicating a substantial improvement from the corresponding quarter in 2022.
Conversely, the non-oil sector expanded by 3.07% in real terms during Q4 2023, driven by various sectors including financial and insurance, information and communication, agriculture, trade, construction, manufacturing, and real estate.
On an annual basis, the non-oil sector contributed 95.30% to Nigeria’s GDP in Q4 2023, slightly lower than the previous year’s 95.66%.
This report underscores the resilience and dynamic nature of Nigeria’s economy, reflecting both challenges and opportunities for sustainable growth and development.
