Nigeria’s Gross Domestic Product grew at 2.74% annually in 2023, a modest slowdown from the 3.10% growth rate attained in 2022.
According to the Times, this is the slowest growth since 2020, when the epidemic caused the economy to shrink by -1.92%.
The economy saw an increase of 3.46% in Q4 2023 compared to the same period the previous year. This growth rate is an improvement above the 2.54% growth rate recorded in Q3 2023, but it represents a minor decline from the 3.52% growth recorded in Q4 2022.
In the last quarter of 2023, the services sector was the main contributor to the overall economic growth, growing by 3.98% and making up a substantial 56.55% of GDP.
A slight increase in growth rate was also observed in the agriculture sector, which went from 2.05% in the fourth quarter of the previous year to 2.10% in the same quarter of 2023.
Nigeria’s industrial sector expanded at a pace of 3.86% in the fourth quarter of 2023, which was a notable improvement over the -0.94% decrease seen during the same period in 2022.
The country’s overall GDP increased significantly as a result of this growth, with the industry and service sectors both contributing more in the fourth quarter of 2023 as seen from their previous performance in Q4 of 2022.
