Nigeria’s Gross Domestic Product, GDP, has slowed to 2.51 percent, year-on-year, in real terms in the second quarter of 2023. This growth rate is lower than the 3.54 percent recorded in the second quarter of 2022.
Following the GDP report published by the National Bureau of Statistics, NBS, on Friday, the growth decline may be attributed to the challenging economic conditions being experienced after a fall in oil production amid series of reforms by President Bola Ahmed Tinubu.
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%, 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 percent recorded in the second quarter of 2022.
In terms of share of 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.
In the quarter under review, aggregate GDP stood at N52.1tn in nominal terms.
This performance is higher when compared to the second quarter of 2022 which recorded aggregate GDP of N45tn, indicating a year-on-year nominal growth of 15.77 per cent.
Credible News reports that the data, which marks the 11th consecutive quarter of growth, is the first release since Tinubu embarked on country’s boldest reforms in decades to try to boost output which has been sluggish for several years.
