Nigeria’s economy grew 3.46% the fourth quarter of 2023, according to the latest data from the nation’s National Bureau of Statistics (NBS) on Thursday.
The growth rate, the data bureau said, is lower than the 3.52 percent recorded in the same quarter of year 2022 but higher than the 2.54 percent recorded in the second quarter (Q2) of 2023.
The country’s economy also recorded 2.74 for the entire year of 2023, coming short of 3.2% projection by the World Bank and the 2.88% by the Central Bank of Nigeria, (CBN).
The driving force behind this growth in the final quarter of 2023 was predominantly the services sector, showcasing an impressive 3.98% growth and contributing a substantial 56.55% to the overall GDP.
The agriculture sector also contributed to the positive momentum, posting a growth of 2.10%, a modest increase from the 2.05% recorded in the fourth quarter of 2022.
The industry sector demonstrated robust growth at 3.86%, marking a significant improvement from the -0.94% recorded in the same period the previous year.
In terms of their contributions to the GDP, both the industry and services sectors played a more substantial role in the aggregate GDP during the fourth quarter of 2023 compared to the corresponding period in 2022.
ALSO READ:Forex Crisis: Raiding BDCs Counterproductive, Says Rewane
However, on an annual basis, the GDP growth rate for the entire year of 2023 settled at 2.74%, showing a slight decrease from the 3.10% recorded in 2022.
This performance underscores the complex dynamics at play in Nigeria’s economic landscape during the specified period.
While the fourth quarter of 2023 showcased resilience and growth, the annual comparison points to a moderate deceleration in the overall economic expansion in 2023 compared to the preceding year.
