Nigeria’s Gross Domestic Product (GDP) increased by 2.74% in 2023, a minor slowdown from the 3.10% growth rate in 2022. This is the lowest growth rate since 2020, when the economy contracted by -1.92% owing to the epidemic.
Q4 2023 saw a year-on-year growth rate of 3.46%. This rate of expansion is a modest reduction from the 3.52% growth rate experienced in Q4 2022, but an improvement over the 2.54% growth rate recorded in Q3 2023.
The key engine of this economic expansion in the last quarter of 2023 was the Services sector, which not only increased by 3.98% but also accounted for 56.55% of the total GDP. Meanwhile, the agriculture sector’s growth rate increased little, from 2.05% in the fourth quarter of the previous year to 2.10% in the same quarter of 2023.
Nigeria’s industry sector expanded by 3.86% in the fourth quarter of 2023, reversing the -0.94% decline seen in the same time in 2022. This growth had a significant impact on the country’s aggregate GDP, with both the industry and services sectors contributing more to the overall GDP in the fourth quarter of 2023 than they did in the fourth quarter of 2022.
