The National Bureau of Statistics has revealed that Nigeria’s Gross Domestic Product (GDP) experienced a year-on-year growth of 2.54% in real terms during the third quarter of 2023.
This growth surpasses the 2.25% recorded in Q2, 2022, and is an improvement from the 2.51% growth in the second quarter of 2023.
The primary driver of this expansion was the services sector, which grew by 3.99%, contributing 52.70% to the overall GDP.
According to the ‘Nigerian Gross Domestic Product Report (Q3, 2023),’ released on Thursday, the agriculture sector exhibited a growth of 1.30%, compared to 1.34% in the third quarter of 2022.
Related news: Nigerians Spent N61.08 Trillion on Household Items and Services in 2023, NBS
The industry sector also showed positive growth at 0.46%, a notable improvement from the -8.00% recorded in the same quarter of the previous year.
However, both agriculture and the industry sectors contributed less to the total GDP in Q3 2023 compared to the same period in 2022.
In nominal terms, the aggregate GDP for the quarter stood at N60.66 trillion, marking a 16.08% year-on-year nominal growth, surpassing the N52.26 trillion recorded in Q3, 2022.
This positive economic performance reflects the resilience and expansion of Nigeria’s economy in the specified period.
You can also read: Diddy Faces Second Sexual Assault Allegation; Denies Charges Amid Legal Storm