Nigeria’s GDP will grow by 2.54% in Q3 2023

Nigeria’s gross domestic product (GDP) grew by 2.54% (YoY) in the third quarter of 2023.

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

This figure is higher than the 2.51% growth rate recorded in the second quarter of the same year.

This growth rate is also higher than the 2.25% recorded in the third quarter of 2022.

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

The agricultural sector grew by 1.30%, up from 1.34% growth in the third quarter of 2022.

The move comes as Nigeria’s headline inflation rate soared to 27.33% in October.

Source: dailypost.ng