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Nigeria’s GDP growth slows to 2.51%

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Nigeria’s second quarter GDP slowed by 2.51 per cent (year-on-year) in real terms in the second quarter of 2023. This is lower than the 3.54 per cent recorded in the equivalent quarter in 2022.

According to the Gross Domestic Product report published by the NBS on Friday, the decline in growth may be attributed to the challenging economic conditions being experienced.

The performance of the GDP in the second quarter of 2023 was driven mainly by the Services sector, which recorded a growth rate of 4.42 percent and contributed 58.42 percent to the aggregate GDP. The agriculture sector grew by 1.50%, an improvement from the growth of 1.20 percent recorded in the second quarter of 2022.

The growth of the industry sector was -1.94 percent relative to -2.30 percent recorded in the second quarter of 2022. In terms of share of the GDP, agriculture and the industry sectors contributed less to the aggregate GDP in the second quarter of 2023 compared to the second quarter of 2022.

In the quarter under review, aggregate GDP stood at N52.1 trillion in nominal terms.

This performance is higher when compared to the second quarter of 2022, which recorded aggregate GDP of N45 trillion, indicating a year-on-year nominal growth of 15.77 percent.

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