The National Bureau of Statistics (NBS) on Friday disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 2.54per cent (year-on-year) in real terms in the third quarter (Q3) of 2023.
This growth rate is higher than the 2.25per cent recorded in the Q3 2022 and higher than the Q2 2023 growth of 2.51per cent, according to NBS report.
The report disclosed that the performance of the GDP in Q3 2023 was driven mainly by the Services sector, which recorded a growth of 3.99per cent and contributed 52.70per cent to the aggregate GDP.
“The agriculture sector grew by 1.30 per cent, from the growth of 1.34per cent recorded in the Q3 2022. The growth of the industry sector was 0.46 per cent, an improvement from -8.00 per cent recorded in the Q3 2022.
“In terms of share of the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the Q3 2023 compared to the third quarter of 2022.
“In the quarter under review, aggregate GDP stood at N60,658,600.37 million in nominal terms. This performance is higher when compared to the third quarter of 2022 which recorded aggregate GDP of N52,255,809.62 million, indicating a year-on-year nominal growth of 16.08 per cent,” the NBS report explained.
The Nigerian economy has been classified broadly into the oil and non-oil sectors.
On oil sector, NBS in its report said, the nation in Q3 2023 recorded an average daily oil production of 1.45 million barrels per day (mbpd), higher than the daily average production of 1.20mbpd recorded in the Q2 2022 by 0.25mbpd and higher than the Q2 2023 production volume of 1.22 mbpd by 0.23mbpd.
The Non-Oil Sector, according to NBS grew by 2.75per cent in real terms in Q3 2023.
This rate was lower by 1.52per cent points compared to the rate recorded in the same quarter of 2022 and 0.84per cent points lower than the second quarter of 2023.
“This sector was driven in the Q3 2023 mainly by Information and Communication (Telecommunication); Financial and Insurance (Financial Institutions); Agriculture (Crop production); Trade; Construction; and Real Estate, accounting for positive GDP growth. In real terms, the non-oil sector contributed 94.52per cent to the nation’s GDP in Q3 2023, higher than the share recorded in the Q3 2022 which was 94.34per cent and lower than the Q2 2023 recorded as 94.66per cent,” the report added.
