Nigeria’s Gross Domestic Product has slowed to 2.51 per cent (year-on-year) in real terms in the second quarter of 2023. This growth rate is lower than the 3.54 per cent recorded in the second quarter of 2022
According to the Gross Domestic Product report published by the NBS on Friday, the growth decline may be attributed to the challenging economic conditions being experienced.
The performance of the GDP in the second quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 4.42 per cent and contributed 58.42 per cent to the aggregate GDP. The agriculture sector grew by 1.50%, an improvement from the growth of 1.20 per cent recorded in the second quarter of 2022.
