Nigeria’s GDP grows by 2.54% in Q3 2023

Nigeria’s Gross Domestic Product, GDP, grew by 2.54 per cent (year-on-year) in the third quarter of 2023.

The National Bureau of Statistics, NBS, disclosed this on Friday in its Nigerian Gross Domestic Product Report (Q3 2023).

The figure is higher than the 2.51 per cent growth rate recorded in the second quarter of the same year.

Also, the growth rate is higher than the 2.25 per cent recorded in the third quarter of 2022.

According to the NBS, the country’s GDP performance in the third quarter of 2023 was driven mainly by the services sector, which recorded a growth of 3.99 per cent and contributed 52.70 per cent to the aggregate GDP.

The agriculture sector grew by 1.30 per cent, from the growth of 1.34 per cent recorded in the third quarter of 2022.

The development comes as Nigeria’s headline inflation rate soared to 27.33 per cent in October.