Nigeria’s Gross Domestic Product (GDP) growth slowed by 2.31 per cent in the first quarter of 2023 on a year-on-year basis.
The National Bureau of Statistics (NBS) made this known in
the Nigerian Gross Domestic Product Report Q1 2023 released in Abuja on
Thursday.
However, the growth, the NBS said represented a declined
from 3.52 per cent in the preceding quarter and 3.11 per cent recorded in the
first quarter of 2022.
The reduction in GDP performance is attributed to the
adverse effects of the cash crunch experienced during the quarter, it noted.
Growth was largely driven by the services sector, which
recorded a growth of 4.35 per cent and contributed 57.29 per cent to the
aggregate GDP.
The agriculture sector grew by -0.90.per cent, lower than
the growth of 3.16 per cent recorded in the first quarter of 2022.
According to the NBS, although the growth of the industry
sector improved to 0.31 per cent relative to – 6.81 per cent recorded in the
first quarter of 2022, agriculture, and the industry sectors contributed less
to the aggregate GDP in the quarter under review compared to the first quarter
of 2022.
“The agriculture sector grew by -0.90 per cent, lower than
the growth of 3.16 per cent recorded in the first quarter of 2022.
“Although the growth of the industry sector improved to 0.31
per cent relative to – 6.81 per cent recorded in the first quarter of 2022,
agriculture and the industry sectors contributed less to the aggregate GDP in
the quarter under review compared to the first quarter of 2022,” a part of the
release said.
The NBS disclosed that the real growth of the oil sector was
–4.21 per cent on a year-on-year basis in Q1 2023, indicating an increase of
21.83 per cent relative to the rate recorded in the corresponding quarter of
2022 at -26.04 per cent.
It said growth increased by 9.18 per cent when compared to
Q4 2022, which was –13.38 per cent, and on a quarter-on-quarter basis, the oil
sector recorded a growth rate of 20.68 per cent in Q1 2023.
The sector, according to the stats office, contributed 6.21
per cent to the total real GDP in Q1 2023, down from the figure recorded in the
corresponding period of 2022 and up from the preceding quarter, where it
contributed 6.63 per cent and 4.34 per cent, respectively.
As for the non-oil sector, it grew by 2.77 per cent in real
terms during the reference quarter, lower by 3.30 per cent points compared to
the rate recorded in the same quarter of 2022 and 1.67 per cent points lower
than the fourth quarter of 2022.
This sector was driven in the first quarter of 2023 mainly
by Information and Communication (Telecommunication); Financial and Insurance
(Financial Institutions); Trade; Manufacturing (Food, Beverage & Tobacco);
Construction; and Transportation & Storage (Road Transport), accounting for
positive GDP growth.
In real terms, the reoport showed that the non-oil sector
contributed 93.79 per cent to the nation’s GDP in the first quarter of 2023,
higher than the share recorded in the first quarter of 2022, which was 93.37
per cent and lower than the fourth quarter of 2022 recorded as 95.66 per cent. NAN
0 comments:
Post a Comment