A man looks for customers while selling clothes at the Balogun Market in Lagos on December 18, 2023. (Photo by Benson Ibeabuchi / AFP)
The National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the fourth quarter of 2023.
In its GDP Report for Q4 2023 released on Thursday, the NBS said this growth rate was lower than the 3.52% recorded in Q4 2022 and higher than the Q3 2023 growth of 2.54%.
“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% and contributed 56.55% to the aggregate GDP,” the Bureau stated.
“The agriculture sector grew by 2.10%, from the growth of 2.05% recorded in the fourth quarter of 2022. The growth of the industry sector was 3.86%, an improvement from -0.94% 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% in 2023 relative to 3.10% in 2022.”
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