Nigeria’s Economic Rebound: GDP Surges By 3.46% In Q4 2023

Nigeria’s Economic Rebound: GDP Surges By 3.46% In Q4 2023

The National Bureau of Statistics (NBS) has unveiled a promising economic report, indicating a significant resurgence in Nigeria’s gross domestic product (GDP), which soared by 3.46 percent in the fourth quarter (Q4) of 2023…..READ ALSO 

Released on Thursday, April 22, the latest GDP report from the NBS showcases a notable improvement compared to the same quarter in 2022, although slightly lower than the previous year’s growth of 3.52 percent. However, it marks a substantial increase from the 2.54 percent recorded in the third quarter (Q3) of 2023.

The report underscores the pivotal role played by the services sector, which spearheaded the growth with a remarkable 3.98 percent expansion, contributing 56.55 percent to the overall GDP.

According to the NBS, the agriculture sector experienced a commendable growth rate of 2.10 percent, reflecting an improvement from the preceding year. Additionally, the industry sector exhibited a robust growth rate of 3.86 percent, a stark contrast to the downturn recorded in the same quarter of 2022.

In terms of annual performance, Nigeria’s GDP witnessed a respectable growth rate of 2.74 percent in 2023, albeit slightly lower than the previous year’s figure of 3.10 percent. Notably, the country’s nominal GDP surged to an impressive N65.9 trillion, representing a significant uptick from the N60.5 trillion recorded in Q3 2023. Moreover, this performance outshines the aggregate GDP of N56.7 trillion reported in the fourth quarter of 2022, signaling a substantial year-on-year nominal growth of 16.12 percent.