Nigeria’s economy grows by 2.51% in Q2

Nigeria’s economy grew at a faster pace in the second quarter of this year, compared to the previous quarter, official data released on Friday show.

Africa’s biggest economy saw its Gross Domestic Product (GDP) grow by 2.51 percent (year-on-year) in real terms in Q2 2023, from 2.31 percent in Q1 2023 and 3.54 percent in the same period last year, according to the National Bureau of Statistics (NBS).

“This growth rate is lower than the 3.54 percent recorded in the second quarter of 2022 and may be attributed to the challenging economic conditions being experienced,” it said.

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It said the performance of the GDP in the second quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 4.42 percent and contributed 58.42 percent to the aggregate GDP.

The agriculture sector grew by 1.50 percent, an improvement from the growth of 1.20 percent recorded in the second quarter of 2022. The growth of the industry sector was -1.94 percent relative to -2.30% recorded in the second quarter of 2022.

In terms of share to the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the second quarter of 2023 compared to the second quarter of 2022.