Nigeria’s Q3 2023 sees a 2.54% surge in GDP

Nigeria's Q3 2023 sees a 2.54% surge in GDP
Nigeria's Q3 2023 sees a 2.54% surge in GDP

In the latest economic update, Nigeria has experienced a 2.54% year-on-year growth in its Gross Domestic Product (GDP) for the third quarter of 2023, according to the Nigerian Gross Domestic Product Report released by the National Bureau of Statistics (NBS) on Friday.

This growth surpasses the 2.51% increase observed in the preceding quarter and exceeds the 2.25% recorded in the same quarter of 2022.

The NBS attributes the positive GDP performance in Q3 2023 primarily to the services sector, which saw a notable growth of 3.99%, contributing significantly with 52.70% to the overall GDP.

Meanwhile, the agricultural sector also experienced an uptick, with a 1.30% growth compared to the Q3 2022 figure of 1.34%.

It is noteworthy that this economic development occurs against the backdrop of a surge in Nigeria’s headline inflation rate, reaching 27.33% in October.