Nigeria’s economy grows in Q3 2023 – NBS
Nigeria’s economy grew between July and September compared to the previous three months and compared to the same period last year, official data has shown.
The economy grew by 2.54 per cent year on year in real terms in the third quarter of 2023, the National Bureau of Statistics has said.
The statistics bureau said this in its “Nigerian Gross Domestic Product (GDP) Report Q3 2023” released on Friday.
The NBS said this growth rate is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter of 2023 growth of 2.51 per cent.
According to the report, the performance of the GDP in the third quarter of 2023 was driven mainly by the services sector, which recorded a growth of 3.99 per cent and contributed 52.70 per cent to the aggregate GDP.
It said the agriculture sector grew by 1.30 per cent, from the growth of 1.34 per cent recorded in the third quarter of 2022.
The NBS noted that the growth of the industry sector was 0.46 per cent, an improvement from -8.00 per cent recorded in the third quarter of 2022.
In terms of share of the GDP, the statistics office said agriculture and the industry sectors contributed less to the aggregate GDP in the third quarter of 2023 compared to the third quarter of 2022.
“In the quarter under review, it said aggregate GDP stood at N60,658,600.37 million in nominal terms.
“This performance is higher when compared to the third quarter of 2022 which recorded aggregate GDP of N52,255,809.62 million, indicating a year-on-year nominal growth of 16.08 per cent,” it said.
Oil sector
The bureau noted that Nigeria in the third quarter of 2023 recorded an average daily oil production of 1.45 million barrels per day (mbpd). This is higher than the daily average production of 1.20 mbpd recorded in the same quarter of 2022 and higher than the second quarter of 2023 production volume of 1.22 mbpd.
It said the real growth of the oil sector was –0.85 per cent (year-on-year) in Q3 2023, indicating an increase of 21.83 per cent points relative to the rate recorded in the corresponding quarter of 2022 (-22.67 per cent).
It explained that growth also increased by 12.58 per cent points when compared to Q2 2023 which was –13.43 per cent.
On a quarter-on-quarter basis, the NBS said the oil sector recorded a growth rate of 12.47 per cent in Q3 2023.
“The Oil sector contributed 5.48 per cent to the total real GDP in Q3 2023, down from the figure recorded in the corresponding period of 2022 and up from the preceding quarter, where it contributed 5.66 per cent and 5.34 per cent respectively,” it said.
Non-oil sector
The non-oil sector grew by 2.75 per cent in real terms during the reference quarter, the NBS said, noting that this rate was lower by 1.52 per cent points compared to the rate recorded in the same quarter of 2022 and 0.84 per cent points lower than the second quarter of 2023.
This sector was driven in the third quarter of 2023 mainly by information and communication (telecommunication); financial and insurance (financial institutions); agriculture (crop production); trade; construction; and real estate, accounting for positive GDP growth.
In real terms, it said, the non-oil sector contributed 94.52 per cent to the nation’s GDP in the third quarter of 2023, higher than the share recorded in the third quarter of 2022 which was 94.34 per cent and lower than the second quarter of 2023 recorded as 94.66 per cent.
