The National Bureau of Statistics (NBS) has revealed that Nigeria’s economy grew marginally in the third quarter of 2023 owing largely to the service sector as the fallout of President Bola Tinubu’s reforms, including petrol subsidy removal, took a toll on several sectors.
According to the NBS, Nigeria saw its Gross Domestic Product (GDP) rise by two point five four percent in real terms in Quarter 3 from two point five one percent in Quarter 2 and two point two five percent in the same period last year.
“The performance of the GDP in Q3 was driven mainly by the services sector, which recorded a growth of 3.99 percent and contributed 52.70 percent to the aggregate GDP,” the NBS said in its latest GDP report on Friday.
It said the agriculture sector grew by one point three zero percent as against one point three four percent in Quarter 3 of 2022 and that the growth of the industry sector was zero point four six percent, an improvement from the minus eight percent recorded in Quarter 3 of 2022.
“In terms of share of the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in Q3 compared to the same period of 2022.”
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