The National Bureau of Statistics latest report on Nigeria’s GDP growth rate for the third quarter of 2023 shows that the economy grew by 2.54%, slightly up from the 2.51% recorded in the second quarter of 2023.
When compared with the corresponding quarter of 2022, the current growth rate surpasses the 2.25% recorded in the third quarter of 2022.
Growth by sectors
Nigeria’s GDP performance in the third quarter of 2023 was mainly propelled by the services sector which grew by 3.99% and contributed 52.70% to the total GDP. Also, the agricultural sector witnessed a growth of 1.30% compared to the 1.34 recorded in the corresponding quarter of 2022.
The industry sector displayed a growth of 0.46%, marking an improvement from the -8.00% recorded in the same quarter of the previous year.
For the third quarter, nominal GDP grew at 16.08% to N60.65 trillion from the N52.25 trillion recorded in the third quarter of 2022.
Contribution of oil and non-oil sectors to the GDP
The non-oil sector exhibited a real growth of 2.75% for the third quarter of 2023, representing a decrease of 1.52% points from the corresponding quarter in 2022 and a decline of 0.84% points from the second quarter of 2023.
In real terms, the non-oil sector represents 94.52% of the nation’s GDP in the third quarter of 2023, surpassing the figure (94.34%) recorded in the third quarter of 2022 but slightly lower than the 94.66% recorded in the second quarter of 2023.
The Oil sector accounted for 5.48% of the overall real GDP in Q3 2023, exhibiting a decrease from the corresponding period in 2022 but an increase from the preceding quarter, during which it contributed 5.66% and 5.34%, respectively.
When compared on a quarter-on-quarter basis, the oil sector recorded a growth rate of 12.47% in Q3 2023. Real growth in the oil sector was –0.85% on a year-on-year basis in Q3, this represents an increase of 21.83% compared to the rate recorded in the corresponding quarter of 2022 (-22.67%).