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Nigeria records 2.54% GDP growth rate in Q3 2023

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Nigerias economy GDP grows by 2.54 in Q3

The National Bureau of Statistics latest report on Nigeria’s GDP growth rate for the third quarter of 2023 shows that the economy grew by 2.54%, slightly up from the 2.51% recorded in the second quarter of 2023.  

When compared with the corresponding quarter of 2022, the current growth rate surpasses the 2.25% recorded in the third quarter of 2022. 

Nigeria’s GDP performance in the third quarter of 2023 was mainly propelled by the services sector which grew by 3.99% and contributed 52.70% to the total GDP. Also, the agricultural sector witnessed a growth of 1.30% compared to the 1.34 recorded in the corresponding quarter of 2022. 

The industry sector displayed a growth of 0.46%, marking an improvement from the -8.00% recorded in the same quarter of the previous year. 

For the third quarter, nominal GDP grew at 16.08% to N60.65 trillion from the N52.25 trillion recorded in the third quarter of 2022.  

The non-oil sector exhibited a real growth of 2.75% for the third quarter of 2023, representing a decrease of 1.52% points from the corresponding quarter in 2022 and a decline of 0.84% points from the second quarter of 2023. 

In real terms, the non-oil sector represents 94.52% of the nation’s GDP in the third quarter of 2023, surpassing the figure (94.34%) recorded in the third quarter of 2022 but slightly lower than the 94.66% recorded in the second quarter of 2023. 

The Oil sector accounted for 5.48% of the overall real GDP in Q3 2023, exhibiting a decrease from the corresponding period in 2022 but an increase from the preceding quarter, during which it contributed 5.66% and 5.34%, respectively. 

When compared on a quarter-on-quarter basis, the oil sector recorded a growth rate of 12.47% in Q3 2023. Real growth in the oil sector was –0.85% on a year-on-year basis in Q3, this represents an increase of 21.83% compared to the rate recorded in the corresponding quarter of 2022 (-22.67%).  

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