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Breaking: Nigeria’s GDP grew by 3.46% in Q4 2023 – NBS

"Nigeria’s Gross Domestic Product (GDP) grew by 3.46 percent (year-on-year) in real terms in the fourth quarter of 2023"

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The National Bureau of Statistics (NBS) has announced growth in Nigeria’s gross domestic product (GDP) by 3.46 percent in the fourth quarter (Q4) of 2023.

The growth rate, the national data bureau said, is lower than the 3.52 percent recorded in the same quarter last year and higher than the 2.54 percent recorded in the second quarter (Q2) of 2023.

The NBS made this known in its GDP report for Q4, released on Thursday.

According to the bureau, the services sector saw a 3.98 percent increase, which was primarily responsible for the growth rate.

The report read: “Nigeria’s Gross Domestic Product (GDP) grew by 3.46 percent (year-on-year) in real terms in the fourth quarter of 2023.

“This growth rate is lower than the 3.52 percent recorded in the fourth quarter of 2022 and higher than the 2.54 percent growth in the third quarter of 2023.

“The performance of the GDP in the fourth quarter of 2023 was driven mainly by the services sector, which recorded a growth of 3.98 percent and contributed 56.55 percent to the aggregate GDP.”

In terms of share of the GDP, industry and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022.

“The agriculture sector grew by 2.10 percent, up from the growth of 2.05 percent recorded in the fourth quarter of 2022. The growth of the industry sector was 3.86 percent, an improvement from -0.94 percent recorded in the fourth quarter of 2022.

“In terms of share of the GDP, industry, and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022. On an annual basis, GDP grew by 2.74 percent in 2023 relative to 3.10 percent in 2022,” the reports said.

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