Nigeria’s GDP growth drops to 2.51% in Q2 2023

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Nigeria’s Gross Domestic Product (GDP) grew by 2.51 percent year-on-year in real terms in the second quarter of 2023, which is 0.2 percent points higher than 2.31 percent recorded in the previous quarter but 1.03 percent lower compared to 3.54 percent recorded in the corresponding period of 2022.

 

The National Bureau of Statistics (NBS) which released the figures yesterday, said the performance of the GDP in the second quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 4.42 percent and contributed 58.42 percent to the aggregate GDP.

 

The agriculture sector grew by 1.50 percent, an improvement from the growth of 1.2 percent recorded in the second quarter of 2022. The growth of the industry sector stood at -1.94 percent relative to -2.3 percent recorded in the second quarter of 2022. 

In terms of share to the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the second quarter of 2023 compared to the second quarter of 2022.

The real growth of the oil sector was –13.43 percent (year-on-year) in Q2 2023, indicating a decrease of 1.66 percent points relative to the rate recorded in the corresponding quarter of 2022 (-11.77 percent).

Growth also decreased by 9.22 percent points when compared to Q1 2023 which was –4.21 percent.

 

The Oil sector contributed 5.34 percent to the total real GDP in Q2 2023, down from the figure recorded in the corresponding period of 2022 and down from the preceding quarter, where it contributed 6.33 percent and 6.21 percent respectively.

 

According to the NBS, Nigeria in the second quarter of 2023 recorded an average daily oil production of 1.22 million barrels per day (mbpd), lower than the daily average production of 1.43mbpd recorded in the same quarter of 2022 by 0.22mbpd and lower than the first quarter of 2023 production volume of 1.51 mbpd by 0.29mbpd.

The non-oil sector grew by 3.58 percent in real terms during the reference quarter (Q2 2023). This rate was lower by 1.19 percent points compared to the rate recorded in the same quarter of 2022 and 0.81 percent points higher than the first quarter of 2023.

 

This sector was driven in the second quarter of 2023 mainly by Information and Communication (Telecommunication); Financial and Insurance (Financial Institutions); Trade; Agriculture (Crop production); Manufacturing (Food, Beverage & Tobacco); Construction; and Real Estate, accounting for positive GDP growth.

 

In real terms, the non-oil sector contributed 94.66 percent to the nation’s GDP in the second quarter of 2023, higher than the share recorded in the second quarter of 2022 which was 93.67 percent and higher than the first quarter of 2023 recorded as 93.79 percent.

 

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