The National Bureau of Statistics (NBS) has revealed in a new report that Nigeria’s gross domestic product (GDP) grew by 3.46 percent in the fourth quarter (Q4) of 2023.

In its GDP report for Q4 released on Thursday, April 22, the NBS noted that the growth rate is lower than the 3.52 percent recorded in the same quarter in 2022 and higher than the 2.54 percent recorded in the third quarter (Q3) of 2023.

The growth rate was mainly driven by the services sector, which recorded a 3.98 percent and contributed 56.55 percent to the aggregate GDP.

It read;

“The agriculture sector grew by 2.10%, from the growth of 2.05% recorded in the fourth quarter of 2022. The growth of the industry sector was 3.86%, an improvement from -0.94% recorded in the fourth quarter of 2022.

“In terms of share of the GDP, industry, and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022. On an annual basis, GDP grew by 2.74% in 2023 relative to 3.10% in 2022.”

On an annual basis, GDP grew by 2.74 percent in 2023 relative to 3.10 percent in 2022, the NBS said. The country’s nominal GDP stood at N65.9 trillion, higher than the 60.5 trillion recorded in Q3 2023. The performance is also higher relative to the fourth quarter of 2022 which recorded an aggregate GDP of N56.7 trillion, indicating a year-on-year nominal growth of 16.12 percent.