Nigeria?s GDP growth slows to 2.51%

Nigeria’s Gross Domestic Product reduced to 2.51 per cent (year-on-year) in real terms in the second quarter of 2023, in contrast to the 3.54 per cent recorded in the second quarter of 2022.

The Nigerian Bureau of Statistics in a report published on Friday, August 25, blamed the decreased growth on the challenging economic conditions being experienced across the country. 

The GDP was driven in the second quarter of 2023 mainly by the services sector, which recorded a growth of 4.42 per cent and contributed 58.42 per cent to the aggregate GDP. The agriculture sector grew by 1.50%, an improvement from the growth of 1.20 per cent recorded in the second quarter of 2022.

The growth recorded in the industry sector is 1.94 per cent relative to -2.30 per cent recorded in the second quarter of 2022. In terms of share of the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the second quarter of 2023 compared to the second quarter of 2022.

In the quarter under review, aggregate GDP stood at N52.1tn in nominal terms. This performance is higher when compared to the second quarter of 2022 which recorded aggregate GDP of N45tn, indicating a year-on-year nominal growth of 15.77 per cent.