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Nigeria’s GDP growth rate shows mixed performance in 2023

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Nigeria’s economy exhibited mixed growth performance in 2023, with a modest overall increase in the annual growth rate of real GDP, according to the latest report from the National Bureau of Statistics (NBS).

In the third quarter of 2023, Nigeria’s real GDP at basic prices grew by 2.54% year-on-year, marking an improvement compared to the corresponding quarter in 2022, which recorded a growth rate of 2.25%.

This 0.30 percentage point increase indicates a strengthening of economic activities during the period.

However, the growth momentum faced a slight dip in the fourth quarter of 2023, with the GDP growth rate at 3.46%.

Although positive, this figure was marginally lower than the 3.52% growth recorded in the fourth quarter of 2022, representing a decrease of 0.05 percentage points.

On an annual basis, Nigeria’s real GDP growth rate stood at 2.74% in 2023, a slight decline from the 3.10% recorded in 2022.

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This indicates a mixed economic performance throughout the year, with notable improvements in certain quarters but a general slowdown in growth compared to the previous year.

The fluctuating growth rates reflect the challenges and recovery efforts within Nigeria’s economy, as it continues to navigate post-pandemic recovery, inflationary pressures, and global economic uncertainties.

The higher growth in Q3 2023 can be attributed to several factors, including increased agricultural output, a rebound in the services sector, and sustained government spending on infrastructure projects.

Conversely, the slight decline in Q4 growth points to challenges such as inflationary pressures, lower oil production, and a volatile global economic environment impacting Nigeria’s economic stability.

Overall, the annual growth rate of 2.74% underscores the resilience of Nigeria’s economy, yet highlights the need for continued policy measures and reforms to sustain and enhance growth in the coming years.

The NBS report serves as a critical tool for policymakers and stakeholders to understand the current economic landscape and to strategize for future economic planning and development.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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