Service Sector Leads As Nigerian Economy Grow by 2.51% in First GDP Report Under President Bola Tinubu

Aug 25, 2023 | Uncategorized

  • The latest report from the NBS has revealed that the Nigerian economy has improved in the second quarter of 2023
  • The report will be the first under the present administration of Bola Ahmed Tinubu
  • Sectors such as telecommunications and information service, trade, and crop production were the best performing during the quarter

The National Bureau of Statistics has revealed that Nigeria recorded a Gross Domestic Product growth of 2.51% (year-on-year) in real terms in the second quarter of 2023(April to June).

While this growth rate is lower than the 3.54% recorded in the second quarter of 2022, it is an improvement from the 2.31 percent recorded in the first quarter of 2023, Punch reports.

Nigeria's GDP growth rate
Nigeria’s GDP growth rate in snapshot
Photo credit: NBS
Source: Facebook

According to the report published by the NBS on Friday, August 25, 2023, the growth decline in Q2, 2023, when compared to Q2, 2022, may be attributed to the challenging economic conditions being experienced.

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“Working age now 15years, more women-owned businesses”: NBS Reveals why unemployment dropped

Furthermore, NBS revealed that in the quarter under review, aggregate GDP stood at N52.1 trillion in nominal terms.

This performance is higher when compared to the second quarter of 2022 which recorded an aggregate GDP of N45 trillion, indicating a year-on-year nominal growth of 15.77 per cent.

While in real terms, Nigeria’s GDP stands at N17.72 trillion in the second quarter of 2023.

How the economy performed

A breakdown from NBS shows that 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% and contributed 58.42% to the aggregate GDP.

The agriculture sector grew by 1.50%, an improvement from the growth of 1.20% recorded in the second quarter of 2022.

Top 10 contributing sectors to the economy in Q2, 2023

Read also

“Working for 1hr shows you are employed”: Nigeria’s unemployment rate drops to 4.1% in Q1 2023

  • Crop Production- 20.66%
  • Trade- 16.80%
  • Telecommunications & Information Services- 16.06%
  • Crude Petroleum and Natural Gas- 5.34%
  • Real Estate- 5.29%
  • Financial Institutions- 4.78%
  • Food, Beverage and Tobacco- 4.48%
  • Construction- 3.23%
  • Professional, Scientific, and Technical Services- 3.05%
  • Other Services- 2.72

Nigeria’s oil savings account is now in the thousands

In another report showing how stretched the economy of Nigeria is shows that Nigeria’s oil savings have been depleted.

ECA is a savings account retained by the Federal Government and is funded by crude oil sales that are higher than the budgeted oil price benchmark

The report shows that the federal government has been unable to add a dollar to the account but has made a consistent withdrawal


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