• Saturday, April 20, 2024
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BusinessDay

Nigeria’s GDP growth slows to 2.74%, lowest in three years

Nigeria’s GDP full year 2023

The Nigerian economy grew at a slower pace last year compared to 2022, official data released on Thursday show.

According to the National Bureau of Statistics, Africa’s biggest economy saw its Gross Domestic Product (GDP) growth fell to 2.74 percent in 2023 from 3.10 percent in 2022.

The country’s full-year GDP growth is lower compared to the World Bank and International Monetary Fund projection of 2.9 percent.

In the fourth quarter of 2023, the Nigeria’s GDP grew by 3.46 percent from 2.54 percent in the previous quarter.

“This growth rate is lower than the 3.52 percent recorded in the fourth quarter of 2022. 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,” the NBS said in the latest GDP report.

It said the agriculture sector grew by 2.10 percent, 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.”