The National Bureau of Statistics (NBS) says the country’s Gross Domestic Product (GDP) grew by 2.54 percent in the third quarter (Q3) of 2023.
The growth rate according to the NBS is higher than the 2.25 percent recorded in the same quarter last year and higher than the second quarter 2023 growth of 2.51 percent.
NBS disclosed this in its GDP report for Q3, released yesterday. The bureau said the growth rate was driven by the services sector.
“The performance of the GDP in the third quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.99% and contributed 52.70% to the aggregate GDP,” NBS said.
“The agriculture sector grew by 1.30%, from the growth of 1.34% recorded in the third quarter of 2022. The growth of the industry sector was 0.46%, an improvement from -8.00% recorded in the third quarter of 2022.
“In terms of share of the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the third quarter of 2023 compared to the third quarter of 2022.”
According to the NBS, the nominal GDP for Q3 2023 stood at N60.66 trillion while the real GDP was N19.44 trillion.
Nominal GDP and real GDP both quantify the total value of all goods produced in a country in a year. However, real GDP is adjusted for inflation, while nominal GDP is not. NBS said: “In the quarter under review, aggregate GDP stood at N60,658,600.37 million in nominal terms.”
“This performance is higher when compared to the third quarter of 2022 which recorded aggregate GDP of N52,255,809.62 million, indicating a year-on-year nominal growth of 16.08%.”
The report also shows that the nation in the third quarter of 2023 recorded an average daily oil production of 1.45 million barrels per day (mbpd), higher than the daily average production of 1.20mbpd recorded in the same quarter of 2022 by 0.25mbpd and higher than the second quarter of 2023 production volume of 1.22 mbpd by 0.23mbpd.
“The real growth of the oil sector was –0.85% (year-on-year) in Q3 2023, indicating an increase of 21.83% points relative to the rate recorded in the corresponding quarter of 2022 (-22.67%),” the report said.
“Growth also increased by 12.58% points when compared to Q2 2023 which was –13.43%.
“On a quarter-on-quarter basis, the oil sector recorded a growth rate of 12.47% in Q3 2023. The Oil sector contributed 5.48% to the total real GDP in Q3 2023, down from the figure recorded in the corresponding period of 2022 and up from the preceding quarter, where it contributed 5.66% and 5.34% respectively.”
The NBS report said the non-oil sector grew by 2.75 percent in real terms during the reference quarter (Q3 2023).
This rate was lower by 1.52 percent points compared to the rate recorded in the same quarter of 2022 and 0.84 percent points lower than the second quarter of 2023.
“This sector was driven in the third quarter of 2023 mainly by Information and Communication (Telecommunication); Financial and Insurance (Financial Institutions); Agriculture (Crop production); Trade; Construction; and Real Estate, accounting for positive GDP growth,” the bureau said.
“In real terms, the non-oil sector contributed 94.52% to the nation’s GDP in the third quarter of 2023.”
NBS said this is higher than the share recorded in the third quarter of 2022 which was 94.34 percent and lower than the 94.66 percent recorded in the second quarter of 2023.
