The statistics bureau said this in its "Nigerian Gross Domestic Product (GDP) Report Q4 2023" released on Thursday.
Nigeria's Gross Domestic Product (GDP) grew by 3.46 per cent year-on-year in real terms in the fourth quarter of 2023, the National Bureau of Statistics has said.
The NBS said this growth rate is lower than the 3.52 per cent recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54 per cent.
The statistics bureau said this in its "Nigerian Gross Domestic Product (GDP) Report Q4 2023" released on Thursday.
The report said the performance of the GDP in the fourth quarter of 2023 was driven mainly by the services sector, which recorded a growth of 3.98 per cent and contributed 56.55 per cent to the aggregate GDP.
It said the agriculture sector grew by 2.10 per cent, from the growth of 2.05 per cent recorded in the fourth quarter of 2022.
It added that the growth of the industry sector was 3.86 per cent, an improvement from -0.94 per cent recorded in the fourth quarter of 2022.
In terms of share of the GDP, the bureau said industry and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022.
On an annual basis, the report said GDP grew by 2.74 per cent in 2023 relative to 3.10 per cent in 2022.
"In the quarter under review, aggregate GDP stood at N65,908,258.59 million in nominal terms. This performance is higher when compared to the fourth quarter of 2022 which recorded an aggregate GDP of N56,757,889.95 million, indicating a year-on-year nominal growth of 16.12 per cent," the report said.
Oil sector
The bureau noted that the nation in the fourth quarter of 2023 recorded an average daily oil production of 1.55 million barrels per day (mbpd), higher than the daily average production of 1.34 mbpd recorded in the same quarter of 2022 by 0.21 mbpd. It was also higher than that of the third quarter of 2023 production volume of 1.45 mbpd by 0.10 mbpd.
It said the real growth of the oil sector was 12.11 per cent (year-on-year) in Q4 2023, indicating an increase of 25.50 per cent points relative to the rate recorded in the corresponding quarter of 2022 (-13.38 per cent).
The NBS said that the growth also increased by 12.96 per cent points when compared to Q3 2023 which was -0.85 per cent.
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"On a quarter-on-quarter basis, the oil sector recorded a growth rate of -3.81 per cent in Q4 2023. On an annual basis, the oil sector growth stood at -2.22 per cent in 2023 compared to -19.22 per cent in 2022.
"The oil sector contributed 4.70 per cent to the total real GDP in Q4 2023, up from the figure recorded in the corresponding period of 2022 and down from the preceding quarter, where it contributed 4.34 per cent and 5.48 per cent respectively," the report said.
Non-oil sector
The non-oil sector grew by 3.07 per cent in real terms during the reference quarter (Q4 2023).
The NBS said this rate was lower by 1.37 per cent points compared to the rate recorded in the same quarter of 2022 and 0.32 per cent points higher than the third quarter of 2023.
"This sector was driven in the fourth quarter of 2023 mainly by financial and insurance (financial institutions); information and communication (telecommunication); agriculture (crop production); trade; construction; manufacturing (food, beverage, and tobacco) and real estate, accounting for positive GDP growth.
"On an annual basis, the non-oil sector growth in 2023 stood at 3.04 per cent relative to 4.84 per cent recorded in 2022," the NBS said.
In real terms, the bureau said the non-oil sector contributed 95.30 per cent to the nation's GDP in the fourth quarter of 2023, lower than the share recorded in the fourth quarter of 2022 which was 95.66 per cent and higher than the third quarter of 2023 recorded as 94.52 per cent.
