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HomeTop NewsNigeria's economy grew 2.7% in 2023, 3.46% in Q4 23, driven by...

Nigeria’s economy grew 2.7% in 2023, 3.46% in Q4 23, driven by the services sector

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By Oludare Mayowa

Nigeria’s economy grew 3.46% year-on-year in real terms during the fourth quarter of 2023, according to the latest data from the National Bureau of Statistics (NBS) on Thursday.

The country’s economy also recorded 2.74 for the entire year of 2023, coming short of 3.2% projection by the World Bank and the 2.88% by the Central Bank of Nigeria.

The report showed that the gross domestic product (GDP) was slightly lower than the 3.52% reported in the same period in 2022; it marks a notable uptick from the 2.54% growth observed in the third quarter of 2023.

The driving force behind this growth in the final quarter of 2023 was predominantly the services sector, showcasing an impressive 3.98% growth and contributing a substantial 56.55% to the overall GDP.

The agriculture sector also contributed to the positive momentum, posting a growth of 2.10%, a modest increase from the 2.05% recorded in the fourth quarter of 2022.

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The industry sector demonstrated robust growth at 3.86%, marking a significant improvement from the -0.94% recorded in the same period the previous year.

In terms of their contribution to the GDP, both the industry and services sectors played a more substantial role in the aggregate GDP during the fourth quarter of 2023 compared to the corresponding period in 2022.

However, on an annual basis, the GDP growth rate for the entire year of 2023 settled at 2.74%, showing a slight decrease from the 3.10% recorded in 2022.

This nuanced performance underscores the complex dynamics at play in Nigeria’s economic landscape during the specified period.

While the fourth quarter of 2023 showcased resilience and growth, the annual comparison points to a moderate deceleration in the overall economic expansion in 2023 compared to the preceding year.

(Contact; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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