April 19, 2024
NBS Report Shows Nigeria’s Economy Growth Slows To 2.51% In Q2 2023
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NBS Report Shows Nigeria’s Economy Growth Slows To 2.51% In Q2 2023

A recently released Gross Domestic Product report, by the National Bureau of Statistics (NBS) shows that Nigeria’s Gross Domestic Product (GDP) grew by 2.51% year-on-year in real terms in the second quarter of 2023, which is 0.2% points higher than 2.31% recorded in the previous quarter but 1.03% lower compared to 3.54% recorded in the corresponding period of 2022.

The performance of the GDP in the second quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 4.42% and contributed 58.42% to the aggregate GDP.

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The agriculture sector grew by 1.50%, an improvement from the growth of 1.2% recorded in the second quarter of 2022. The growth of the industry sector stood at -1.94% relative to -2.3% recorded in the second quarter of 2022. 

In terms of share to 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.

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