Nigeria’s gross domestic product (GDP) experienced a growth of 2.54 percent in the third quarter of 2023, surpassing both the 2.25 per cent from the same period last year and the 2.51 per cent recorded in the second quarter of 2023, as reported by the National Bureau of Statistics (NBS).
Gatekeepers News reports that in its GDP report for Q3, released on Friday, the NBS attributed this growth to the services sector, which expanded by 3.99% and contributed significantly to the overall GDP, accounting for 52.70% of the aggregate GDP.
In a breakdown of sectors, the agriculture sector showed a growth of 1.30%, an improvement from the same quarter in 2022, while the industry sector experienced growth of 0.46%, a positive shift from the -8.00% recorded in the third quarter of 2022.
The NBS highlighted that, in terms of the share of GDP, both the agriculture and industry sectors contributed less to the aggregate GDP in Q3 2023 compared to the same period in 2022.
The nominal GDP for Q3 2023 stood at N60.66 trillion, with the real GDP at N19.44 trillion. Notably, the real GDP accounts for inflation adjustments, providing a more accurate representation of economic growth.
The report indicated a year-on-year nominal growth of 16.08% when comparing Q3 2023 to the same quarter in 2022, reflecting positive economic momentum.
In the oil sector, the nation recorded an average daily oil production of 1.45 million barrels per day (mbpd) in Q3 2023, showing an increase from both the daily average production of 1.20 mbpd in the same quarter of 2022 and the 1.22 mbpd recorded in the second quarter of 2023.
The non-oil sector also displayed growth, with a 2.75 percent increase in real terms during Q3 2023. While slightly lower compared to the same quarter in 2022, this sector remained a major contributor to the nation’s GDP, accounting for 94.52%.
The NBS emphasized that the non-oil sector’s contribution to GDP was higher than Q3 2022 and slightly lower than Q2 2023.
Overall, the report signifies positive economic trends and resilience in various sectors, positioning Nigeria for continued growth.
