Nigeria’s Gross Domestic Product (GDP) growth rate in real terms was down by 2.51 per cent in the second quarter (Q2) of 2023 on a year-on-year basis, which is 1.03 per cent percentage points lower than the 3.54 per cent recorded in Q2 2022.
It ws, however, higher by 0.20 per cent percentage points relative to 2.31 per cent recorded in the first quarter (Q1) of 2023, according to latest data released by the National Bureau of Statistics (NBS).
The major driver of the economy between Q1 and Q2 was the services sector, which recorded a growth of 4.42% per cent and contributed 58.42 per cent to the aggregate GDP.
On a quarter-on-quarter, the real GDP growth decreased by 0.17 per cent in Q2 2023, reflecting a low production level than the preceding quarter of Q1 2023.
The economic activity in real terms for Q2 2023 stood at ₦17,719,335.38 million, which is lower than the rates recorded in Q1 2023 ₦17,750,060.97 million but higher than Q2 2022 which stood at ₦17,285,882.91 million.
“This highlighted the shortfall in production level in the quarter under review when compared with the previous quarters of Q1 2023 but higher than the corresponding quarter of Q2 2022,” Statistician-general of the Federation and chief executive of National Bureau of Statistics (NBS), Adeniyi Adeniran, stated.
In nominal terms (current price), aggregate GDP stood at ₦52,103,927.13 million in Q2 2023, indicating a year-on-year nominal growth rate of 15.77 per cent. This is higher than the value of ₦45,004,520.89 million in Q2 2022 and ₦51,242,151.21 million in the preceding quarter.
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