APA – Lagos (Nigeria)
Nigeria’s National Bureau of Statistics says that Nigeria’s Gross Domestic Product (GDP) has slowed to 2.51 per cent year-on-year in real terms in the second quarter of 2023.
The report released by the NBS on Friday in Abuja showed that this growth rate was lower than the GDP of 3.54 per cent recorded in the second quarter of 2022
It attributed the decline in the growth rate to the challenging economic conditions being experienced in the West African country.
According to the NBS, 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 per cent and contributed 58.42 per cent to the aggregate GDP, while the agriculture sector grew by 1.50%, an improvement from the growth of 1.20 per cent recorded in the second quarter of 2022.
It explained that the growth of the industry sector was -1.94 per cent relative as against 2.30 per cent recorded in the second quarter of 2022 and that agriculture, and the industry sectors contributed less to the aggregate GDP in the second quarter of 2023 compared to the second quarter of 2022.
It added that aggregate GDP stood at N52.1 trillion in nominal terms in the second quarter as against the recorded aggregate GDP of N45 trillion recorded in the second quarter of 2022, represent a year-on-year nominal growth of 15.77 per cent.
GIK/APA
Nigeria’s GDP growth slows to 2.51% – NBS
