Statistical data from the National Bureau of Statistics shows the upward soar of the Nigeria’s Gross Domestic Product (GDP) third quarter (Q3) by 2.54% (year-on-year) in real terms from 2.51% in the second quarter (Q2) and 2.25 per cent in the same period last year. This soar is orchestrated amongst other things, the hardship occasioned by fuel subsidy removal in June 2023 when the President Bola Ahmed Tinubu introduced a fuel subsidy removal policy, which increased fuel pump prices from N189 per litre to over N617 per litre, the high energy cost and FX exposure, all have led to profound shocks in critical sectors of the economy.
The nation’s GDP performance in the third quarter of 2023 was propelled majorly by the services sector. It is noted that the services sector recorded a growth of 3.99% and contributed 52.70% to the aggregate GDP. The agricultural and industrial sector rose by 1.30% and 0.46% from the growth and contributed 29.31% and 18.00% respectively to the GDP.
In nominal terms in the Q3’2023, aggregate GDP stood at N60.66tn higher than the aggregate GDP recorded in 2023 same quarter which was N52.26tn. 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, which was at 6.63%.
In real terms in Q3 2023, the non-oil sector of the economy grew by 2.75 per cent largely because of the positive growth of sectors like Financial, Information and Communication (Telecommunication), Insurance and Agriculture.
