Nigeria’s 2.54 % Economy Growth In Q3/23 Driven By Service Sector, Says NBS

Nigeria’s economy grew 2.54% in the third quarter of 2023 the National Bureau of Statistics (NBS) latest report on Nigeria’s Gross Domestic Growth (GDP) released on Friday has shown.

This is slightly up from the 2.51% recorded in the second quarter of 2023.  When compared with the corresponding quarter of 2022, the current growth rate surpasses the 2.25% recorded in the third quarter of 2022.

According to the report, the performance of the GDP in the third quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.99% and contributed 52.70% to the aggregate GDP. The agriculture sector grew by 1.30%, from the growth of 1.34% recorded in the third quarter of 2022.

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The growth of the industry sector was 0.46%, an improvement from -8.00% recorded in the third quarter of 2022. In terms of share of the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the third quarter of 2023 compared to the third quarter of 2022.

The data marks the 12th consecutive quarter of annual growth, is the second release since President Bola Ahmed Tinubu embarked on the country’s boldest reforms in decades to try to boost output that has been sluggish for about a decade.

Tinubu, at his inauguration in May, vowed to expand the economy by at least 6% a year, lift barriers to investment, create jobs and unify the exchange rate, while also tackling rampant insecurity.