The National Bureau of Statistics has revealed that Nigeria’s Gross Domestic Product experienced a year-on-year growth of 3.46 percent in real terms during the fourth quarter of 2023.

In its ‘Nigerian Gross Domestic Product Report (Q4, 2023),’ released on Thursday, the NBS said the growth rate is lower than the 3.52 per cent recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54 per cent

It added that the service industry was responsible for the growth in the quarter.

Both the IMF and World Bank expected Nigeria’s economy to grow by 2.9 per cent in 2023.

The report read, “Nigeria’s Gross Domestic Product (GDP) grew by 3.46 per cent (year-on-year) in real terms in the fourth quarter of 2023.

“This growth rate is lower than the 3.52 per cent recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54 per cent.

“The performance of the GDP in the fourth quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.98 per cent and contributed 56.55 per cent to the aggregate GDP”

In terms of share of the GDP, industry, and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022.

“The agriculture sector grew by 2.10 per cent, from the growth of 2.05 per cent recorded in the fourth quarter of 2022. The growth of the industry sector was 3.86 per cent, an improvement from -0.94 per cent recorded in the fourth quarter of 2022. In terms of share of the GDP, industry, and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022. On an annual basis, GDP grew by 2.74 per cent in 2023 relative to 3.10 per cent in 2022,” the report added.

More details soon…