The second quarter of 2023 saw a real-terms slowdown in Nigeria’s Gross Domestic Product, GDP, to 2.51 percent (year over year). The 2.9% growth rate in the second quarter of 2022 was lower than the 2.9% growth rate in the current quarter.
The hard economic conditions being encountered, according to the NBS’s Gross Domestic Product data released on Friday, may be to blame for the growth decrease.
The Services sector, which saw growth of 4.42% and contributed 58.42% to the total GDP, was primarily responsible for the GDP’s performance in the second quarter of 2023. In comparison to the growth of 1.20 percent seen in the second quarter of 2022, the agriculture sector rose by 1.50%.
In comparison to the -2.30 percent registered in the second quarter of 2022, the industry sector experienced a growth rate of -1.94 percent. Agriculture and the industrial sectors made up a smaller portion of the total GDP in the second quarter of 2023 compared to the second quarter of 2022.
Total nominal GDP for the quarter under review was N52.1 trillion.
This result is better than the second quarter of 2022, when the total GDP was N45 trillion, representing a nominal annual growth rate of 15.77%.