Nigeria’s economy grows by 2.54% in Q3 – NBS

The Nigerian economy has recorded growth by 2.54 percent in the third quarter of 2023, according to the latest report from National Bureau of Statistics (NBS).

The upward trajectory of the GDP is higher than what was recorded in the corresponding quarter of 2022, surpassing the 2.52% recorded in the third quarter of 2022.

Persecond News reports that this is the second data to be released after President Bola Tinubu took office in May and initiated some significant economic reforms.

Beyond the removal of petrol subsidy, the economic reforms of President Tinubu are gradually crystalizing and encompassing with the unification of the foreign exchange (FX) markets.

He had announced at his inauguration as president that his plans for the economy are diversification, reducing the country’s dependence on oil and gas, and refocusing on developing other sectors such as agriculture, manufacturing, and technology.

Key on his agenda are prioritizing infrastructure development in roads, railways and airports to improve connectivity and increase trade, and also removing trade barriers towards encouraging foreign investors.