Nigeria’s Gross Domestic Product (GDP) grew by 2.74 percent in 2023, marking a 0.36 percentage point year-on-year (YoY) decrease from 3.1 percent in 2022, according to the National Bureau of Statistics (NBS).
The NBS Nigeria GDP Report for Q4’23 revealed that GDP growth rates varied throughout the year, with Q4’23 seeing a notable increase to 3.46 percent.
The oil sector experienced a growth rate of -2.22 percent in 2023, contrasting with the -19.22 percent growth observed in 2022.
Conversely, the non-oil sector grew by 3.04 percent in 2023, reflecting a 1.8 percentage points YoY decline compared to its growth rate of 4.84 percent in 2022.
The Services sector was the primary driver of GDP growth in Q4’23, expanding by 3.98 percent and contributing 56.5 percent to the total GDP.
The Agriculture sector also saw growth, increasing by 2.1 percent, while the Industry sector experienced significant improvement, growing by 3.86 percent compared to the previous year.
Overall, the performance of the GDP in Q4’23 indicates positive growth momentum, with both industry and services sectors contributing more to the aggregate GDP compared to the same period in 2022.
