x

Nigeria’s GDP Fell To 2.31% In Q1 2023, Says NBS

A report by the Nigerian Bureau of Statistics (NBS), shows that the nation’s Gross Domestic Product growth fell to 2.31 per cent in the first quarter of 2023 from 3.52 per cent in the fourth quarter of 2022.

According an NBS report the decline was due to the adverse effects of the cash crunch experienced during the quarter.

“Gross Domestic Product grew by 2.31 per cent (year-on-year) 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.

“The reduction in growth is attributed to the adverse effects of the cash crunch experienced during the quarter,” NBS’ report partly read.

Findings within the report suggest that 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.

The agriculture sector grew by -0.90 per cent, lower than the growth of 3.16 per cent recorded in the first quarter of 2022.

According to the the report, despite the fact that there were improvements in the industry sector, both agriculture and industries contributed less to the aggregate GDP in the quarter under review compared to the first quarter of 2022.

Hot this week

Southern Ijaw Stakeholders caution Tompolo over Bayelsa visit

By Our CorrespondentA coalition of stakeholders and youth...

INSPIRATION:Take a Break — Find Clarity in Stillness

By Mary EwaSometimes, life feels like a race with...

Ododo’s Livestock Vision Gets Boost as New Ministry Takes Over L-PRES Project in Kogi

By Noah Ocheni, Lokoja The Kogi State Government has officially...

China Commends Nigeria for Joint ONSA/DSS/Army Rescue of Four Kidnapped Chinese Citizens

▪︎ Secret Police stabilises rescued kidnapees at own medical...

NDDC Commissions Naval Facility in Bayelsa to Boost Security in Niger Delta

By Amgbare Ekaunkumo, YenagoaThe Niger Delta Development Commission (NDDC)...

KOSIEC Releases Timetable for 2026 Kogi Local Government Elections

By Noah Ocheni, LokojaThe Kogi State Independent...

Terrorist Invade Southern Kaduna Community, Abduct 10 Residents in Kauru LGA

By Achadu Gabriel, KadunaTerrorists have again attacked Southern Kaduna,...

How Violence Starves Nigeria’s Food Basket

By Emmanuel Sam DavidBenue State, once renowned as the...

Russia-Ukraine War: The Unfolding Burden on Africa

By Abu Jemimah LamiWhen Russia invaded Ukraine on...

Kaduna Partners REA to Boost Renewable Energy Access, Drive Industrial Growth

By Achadu Gabriel, KadunaThe Kaduna State Government, under the...

Related Articles

Popular Categories

spot_imgspot_img