Nigeria’s Economic Growth Slowed to 2.51% in Q2 2023

James Emejo in Abuja

Nigeria’s Gross Domestic Product (GDP) grew by 2.51 per cent year on year in the second quarter of the year (Q2 2023), the National Bureau of Statistics (NBS) said Friday.

This represented a growth of 0.20 per cent compared to  2.31 per cent in the preceding quarter but lower than the 3.54 per cent recorded in Q2 2022 by 1.03 per cent.

The major driver of the economy remained the services sector which recorded a growth of 4.42 per cent and contributed 58.42 per cent to the aggregate GDP.

According to the Second Quarter GDP Report released by the statistical agency,  quarter-on-quarter, real GDP decreased by 0.17 per cent in Q2 2023, reflecting a low production level of economic activities compared to the preceding quarter.

According to the NBS, in real terms,  economic activity was estimated at ₦17.71 trillion in Q1, lower than ₦17.75 trillion in Q1/but higher than ₦17.28 trillion in Q2 2022.

“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,” the NBS added.

Details later…