The National Bureau of Statistics, NBS, said Nigeria's Gross Domestic Product (GDP) grew year-on-year by 2.51 percent in the second quarter of 2023 (Q2'23).
This represents a 0.20 percentage point rise when compared to 2.31 GDP growth recorded in Q1 '23.
The NBS disclosed these today in its GDP report for Q1 '23 noting that the growth rate was lower when compared to 3.54 percent recorded in Q2' 22 due to challenging economic conditions in the country.
According to NBS, the performance of the GDP in Q2' 23 was driven mainly by the Services sector, which recorded a growth of 4.42 percent and contributed 58.42 percent to the aggregate GDP.
NBS said:"Nigeria’s GDP grew by 2.51 percent (year-on-year) in real terms in the Q2'23.
"This growth rate is lower than the 3.54 percent recorded in the second quarter of 2022 and may be attributed to the challenging economic conditions being experienced.
"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 1.20 percent recorded in the second quarter of 2022.
"The growth of the industry sector was -1.94 percent relative to -2.30 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.
On oil sector performance, the bureau said:"The nation 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 real growth of the oil sector was –13.43 percent (year-on-year) in Q2' 23, indicating a decrease of 1.66 percentage points relative to the rate recorded in the corresponding quarter of 2022 (-11.77 percent).
"Growth also decreased by 9.22 percentage points when compared to Q1'23 which was –4.21 percent .
"On a quarter-on-quarter basis, the oil sector recorded a growth rate of -14.12 percent in Q2' 23.
"The Oil sector contributed 5.34% 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."
On non-oil sector performance , NBS said: "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% 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 Q2' 23, higher than the share recorded in the second quarter of 2022 which was 93.67 percent and higher than the Q1'23 23 recorded as 93.79 percent."
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