Economic Surge: Nigeria’s GDP Skyrockets By 3.46% In Q4 2023

Economic Surge: Nigeria’s GDP Skyrockets By 3.46% In Q4 2023

In a remarkable development, Nigeria’s Gross Domestic Product (GDP) has experienced a substantial leap, expanding by an impressive 3.46% in the fourth quarter (Q4) of 2023. This groundbreaking revelation was unveiled by the National Bureau of Statistics (NBS) in its latest report, marking a significant stride in the nation’s economic trajectory……READ ALSO Economic Hardship: Nigerians On Brink Of Depression, Suicide As Challenges Mount

While the growth rate slightly dipped from the 3.52% recorded in the corresponding quarter of the previous year, it notably surpassed the 2.54% growth witnessed in the second quarter (Q2) of 2023, signaling a robust rebound in economic activities.

The NBS attributed this notable growth primarily to the services sector, which spearheaded the surge with a remarkable 3.98% increase, underscoring the pivotal role played by services in driving economic expansion.

This announcement comes amidst other economic revelations, including the diesel price surge, which escalated by a staggering 39.11% from N828.82 per litre in January 2023 to N1153.01 per litre in January 2024. The NBS’s latest AGO price watch report highlighted a 2.34% monthly increase from N1126.69 in December 2023 to N1153.01 in January 2024.

Examining state-wise variations, Kebbi State emerged with the highest average diesel price at N1433.33, while Borno State boasted the most economical rate at N927.27, underlining the diverse economic landscape across the nation.

Furthermore, the zonal representation revealed that the North Central Zone reported the highest diesel price at N1205.11, while the North East Zone recorded the lowest at N1074.03, showcasing regional disparities in fuel pricing.

Overall, these economic insights underscore Nigeria’s resilience and potential for growth, reflecting a promising trajectory for the nation’s economic landscape in the foreseeable future.