Friday, 23 February 2024 04:48

Nigeria's economy grew 3.46% in Q4, 2023 - NBS

Rate this item
(0 votes)

Nigeria's economy grew 3.46% in the fourth quarter, a similar pace as it did a year earlier, data showed on Thursday, as oil output picked up and government reforms to boost growth began to take effect.

Gross domestic product grew quicker than in the two previous quarters of 2023. GDP grew 2.54% in the third quarter and 2.51% in the second.

Growth in the final quarter of 2022 was 3.52% in annual terms.

National Bureau of Statistics said full-year growth for 2023 was 2.74%.

"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% and contributed 56.55% to the aggregate GDP," the statistics office said.

Growth in the agriculture and industrial sectors, which create jobs, improved marginally during the period, compared with a year ago, the data showed.

Average daily oil output rose to 1.55 million barrels per day, up from 1.34 million a year ago.

Nigeria relies on oil production for about two-thirds of government earnings and 90% of its foreign exchange income.

"The real growth of the oil sector was 12.11% year-on-year in Q4 2023, indicating an increase of 25.5% points relative to the rate recorded in the corresponding quarter of 2022 at -13.38%," said the statistics office.

 

Reuters

April 26, 2025

Nigerian Stock Market dips after three-day rally

The Nigerian stock market ended its three-day bullish streak on Friday with a 0.3% decline…
April 21, 2025

Tunde Bakare to Tinubu: ‘Stop playing God, embrace humility’

In a fiery Easter Sunday state-of-the-nation address delivered in Lagos, Tunde Bakare, the serving overseer…
April 23, 2025

Don’t wait for the ‘perfect’ time to make big life decisions, says Phoenix mayor

Kate Gallego Kate Gallego knew she wanted to run for mayor of Phoenix, but the…
April 26, 2025

Declassified CIA file about UFO aliens attacking soldiers released

A declassified document posted to the CIA’s website is raising eyebrows with claims of an…
April 26, 2025

COINCIDENCE? Three times trucks have rammed into Christian processions in Gombe, The Cable queries

In Gombe state, there is a disturbing trend: vehicles crashing into processions of Christians during…
April 26, 2025

What to know after Day 1157 of Russia-Ukraine war

WESTERN PERSPECTIVE Russia and Ukraine 'very close to a deal', says Trump US President Donald…
April 25, 2025

Artificial sweetener found in diet drinks linked to brain changes that increase appetite, study finds

A growing body of evidence has increasingly linked diet sodas and other no- or low-calorie…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.