The Nigerian Gross Domestic Product expanded by 3.46% in the fourth quarter of 2023, propelled by growth in the financial, information, telecommunications, and other service sectors. This data was revealed by the National Bureau of Statistics in its latest “Nigerian Gross Domestic Product (GDP) Report Q4 2023” released in Abuja on Thursday.
The report indicated a slight dip from the 3.52% growth recorded in the same period in 2022, but an improvement from the 2.54% growth in the third quarter of 2023. The service sector played a significant role in this growth, witnessing a 3.98% expansion and contributing 56.55% to the overall GDP.
The non-oil sector also saw a 3.07% growth in real terms during the Q4 2023. The report attributed this growth to the financial and insurance industry, information and communication (telecommunication), agriculture (crop production), trade, construction, manufacturing (food, beverage, and tobacco), and real estate, all of which contributed to positive GDP growth.
Conversely, the oil sector recorded a -3.81% growth rate in Q4 2023 on a quarter-on-quarter basis. On an annual basis, the oil sector’s growth stood at -2.22% in 2023, a notable improvement from the -19.22% in 2022.
The non-oil sector accounted for 95.30% of the nation’s GDP in Q4 2023 in real terms, slightly lower than the 95.66% recorded in the same period of 2022 but higher than the 94.52% in the third quarter of 2023.
The positive performance of Nigeria’s financial, telecom, and other service sectors demonstrates resilience and stability, contributing to the country’s economic growth amid challenges in the oil sector. These findings present a promising outlook for Nigeria’s diversifying economy and offer insights into opportunities for investment and development.
