Nigeria’s Gross Domestic Product
(GDP) growth rate slowed to 2.31 per cent (year-on-year) in real terms in the first quarter of the year (Q1, 2023) compared to 3.52 per cent recorded in the preceding quarter, and 3.11 per cent in Q1 2022, the National Bureau of Statistics (NBS) disclosed yesterday.
The NBS attributed the decline in GDP to the adverse effects of the cash crunch experienced during the quarter.
However, it pointed out that the economy was largely driven by the non-oil sector which contributed 93.79 per cent to growth while the oil sector contributed 6.21 per cent.
According to the GDP Report for Q1 2023 which was posted on the NBS website, aggregate GDP stood at N51.24 trillion year-on-year in nominal terms compared to N45.31 trillion in Q1 2022.
This represented a year-on-year nominal growth of 13.07 per cent. Real GDP stood at N17.75 trillion.
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