Nigeria’s Gross Domestic Product Slows to 2.31% in Q1 2023

By Christy Animam

Nigeria’s Gross Domestic Product slowed to 2.31 per cent in real terms during the first quarter of 2023.

In a report titled Nigeria Gross Domestic Product Report Q1 2023, the National Bureau of Statistics (NBS) showed that aggregate GDP stood at N51.2 trillion, higher than the N45.3 trillion recorded in the fourth quarter of 2022.

The NBS explained that the reduction in growth is not unconnected to the adverse effects of the cash crunch experienced during the quarter.

“GDP in Quarter One 2023 Nigeria’s Gross Domestic Product (GDP) grew by 2.31 per cent yearly in real terms in the first quarter of 2023.

“This growth rate declined from 3.11 per cent recorded in the first quarter of 2022 and 3.52 per cent in the fourth quarter of 2022,” he said.

It said the performance of the GDP in the first quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 4.35 per cent and contributed 57.29 per cent to the aggregate GDP.

NBS said the Non-oil sector contributed 93.79 per cent and the oil sector 6.21 per cent in Q1 2023.