Nigeria’s gross domestic product dropped to 2.51% (year over year) in the second quarter of 2023. This is a slower growth rate than the 3.54 percent reported in the second quarter of 2022.
This is according to the NBS’s Gross Domestic Product report released on Friday.
The fall in growth can be attributed to the current hard economic conditions.
In the second quarter of 2023, Nigeria’s GDP performance was primarily driven by the services sector, which grew at a 4.42 percent annual pace and contributed 58.42 percent to the aggregate GDP.
The agriculture industry rose by 1.50%, up from 1.20 percent in the second quarter of 2022.
The industry sector grew by -1.94 percent, compared to -2.30 percent in the second quarter of 2022. Agriculture and industrial sectors contributed less to aggregate GDP in the second quarter of 2023 compared to the second quarter of 2022.
In the quarter under review, aggregate GDP was N52.1 trillion in nominal terms.
This result is better than the second quarter of 2022, when aggregate GDP was N45 trillion, representing 15.77 percent year-on-year nominal growth.
News Update THE Governorship Candidate of the All Progressives Congress (APC) in the forthcoming governorship…
Hopecentre International Foundation has celebrated a decade of transformative progress towards advancing the service to…
... Sympathises with Victims of Osogbo Rainstorms The Gubernatorial Candidate of the All Progressives Congress,…
News Update THE Senior Special Assistant to the President on National Assembly Matters, Hon. Ibrahim…
Dr Kayode Fayemi, immediate past Governor of Ekiti State and former Chairman of the Nigerian…
The Small Alhaji Media Team has observed with utter amusement the flood of reactions and…