Nigeria’s economic growth slowed in the second quarter of 2023 as the Gross Domestic Product (GDP) grew by 2.51 per cent year-on-year in real terms within the quarter, the National Bureau of Statistics has said.
The statistics bureau said this in its “Nigerian Gross Domestic Product Report Q2 2023,” released on Friday.
The NBS said this growth rate is lower than the 3.54 per cent recorded in the second quarter of 2022 and may be attributed to the challenging economic conditions within the quarter.
According to the report, 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 per cent and contributed 58.42 per cent to the aggregate GDP.
The bureau said the agriculture sector grew by 1.50 per cent, an improvement from the growth of 1.20 per cent recorded in the second quarter of 2022.
