The Nigerian Bureau of Statistics (NBS), has said that Nigeria’s Gross Domestic Product (GDP) growth rate fell to 2.31 percent in the first quarter of 2023 (Q1 2023) from 3.52 percent recorded in the fourth quarter of 2022 (Q4 2022).
The decline represents 0.8 percent point from 3.11 in the same period last year.
The NBS report attributed the decline to the adverse effects of the cash crunch experienced during the quarter.
It said, “Gross Domestic Product grew by 2.31 per cent (year-on-year) in real terms in the first quarter of 2023. This growth rate declined from 3.11 per cent recorded in the first quarter of 2022, and 3.52 per cent in the fourth quarter of 2022.
“The reduction in growth is attributed to the adverse effects of the cash crunch experienced during the quarter.”
According to the report, the performance of the GDP in Q1 2023 was driven mainly by the services sector, which recorded a growth of 4.35 percent and contributed 57.29 percent to the aggregate GDP, while the agriculture sector grew by -0.90 percent, lower than the growth of 3.16 percent recorded in the Q1 2022.
The report says despite improvements in the industry sector, both agriculture and industries contributed less to the aggregate GDP in the quarter under review compared to Q1 2022.
In Q1 2023, the non-oil sector grew by 2.77 percent in real terms, indicating 3.30 percent points lower compared to the rate recorded in the same quarter of 2022 and 1.67 percent points lower than the Q4 2022.
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