Key Highlights of the Nigerian Gross Domestic Product Report Q1 2023 as reported by NBS
- Gross Domestic Product (GDP) grew by 2.31% (year-on-year) in real terms in the first quarter of 2023.
- This growth rate declined from 3.11% recorded in the first quarter of 2022, and 3.52% in the fourth quarter of 2022. The reduction in growth is attributed to the adverse effects of the cash crunch experienced during the quarter.
- The performance of the GDP in the first quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 4.35% and contributed 57.29% to the aggregate GDP.
- Based on the top contributors to Nigerian real GDP growth in Q1 2023, NBS reported that Oil and Gas contributed less than 7% to the Nigerian economy. Crop production, Trade, Telecom and Info Services were ahead of Oil and Gas with 19.48%, 15.97 and 14.13% contributions respectively.
- The agriculture sector grew by -0.90%, lower than the growth of 3.16% recorded in the first quarter of 2022. Although the growth of the industry sector improved to 0.31% relative to — 6.81% 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 nation in the first quarter of 2023 recorded an average daily oil production of 1.51 million barrels per day (mbpd), higher than the daily average production of 1.49mbpd recorded in the same quarter of 2022 by 0.01mbpd and higher than the fourth quarter of 2022 production volume of 1.34 mbpd by 0.17mbpd.
- Lastly, from 2015 to 2022, Nigeria’s annual GDP growth rate did not surpass 3.40%.
Disclaimer: These are my thoughts, and only mine. Not a representation of a body or organization.