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N21.77trn GDP: Services Sector, Manufacturing and Trade Lead  – NBS

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1 year ago

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THE Services sector of the economy contributed the lion’s share to Nigeria Gross Domestic Product (GDP) growth in the fourth quarter of 2023.

The National Bureau of Statistics, reports that while the country’s nominal GDP for the period stood at N65.91 trillion, the real GDP was N21.77 trillion.
Said the NBS : “Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the fourth quarter of 2023.

This growth rate is lower than the 3.52% recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54%.

The performance of the GDP in the fourth quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.98% and contributed 56.55% to the aggregate GDP.

The agriculture sector grew by 2.10%, from the growth of 2.05% recorded in the fourth quarter of 2022.

The growth of the industry sector was 3.86%, an improvement from -0.94% recorded in the fourth quarter of 2022.

In terms of share of the GDP, industry, and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022.

On an annual basis, GDP grew by 2.74% in 2023 relative to 3.10% in 2022. 

… the Services sector, which recorded a growth of 3.98% and contributed 56.55% to the aggregate GDP.

Also, the nominal GDP growth of the Manufacturing sector in the fourth quarter of 2023 was recorded at 38.06% (year-on-year), 29.20% points higher than the figure recorded in the corresponding period of 2022 (8.86%) and 1.47% points higher than the preceding quarter figure of 36.59%.

Quarter-on quarter, growth of the sector was recorded at 7.70% during the quarter.

On an annual basis, the sector grew by 30.93% in 2023 compared to 6.93% in 2022.

The contribution of Manufacturing to
Nominal GDP in the fourth quarter of 2023 was 16.04%, higher than the figure recorded in the corresponding period of 2022 at 13.49% and lower than the third quarter of 2023 at 16.18%.
Real GDP growth in the manufacturing sector in the fourth quarter of 2023 was 1.38% (year-on-year), lower than the same quarter of 2022 and higher than the preceding quarter by 1.46% points and
0.90% points respectively.
The growth rate of the sector on a quarter-on-quarter basis stood at 9.54%.
On an annual basis, the sector grew by 1.40% in 2023, lower than 2.45% in 2022.
The Real contribution to GDP in the 2023 fourth quarter was 8.23%, lower than the 8.40% recorded in the fourth quarter of 2022 and lower than the 8.42% recorded in the third quarter of 2023.

Likewise, it said that  in the fourth quarter of 2023, the nominal year-on-year growth rate of Trade sector stood at 3.36%.

This indicates a decrease of 11.45% points when compared to the fourth quarter of 2022 growth rate of 14.82% and 0.27% points higher than the previous quarter’s growth rate of 3.10%.

The quarter-on quarter growth rate was 15.45%. On an annual basis, the sector grew by 3.01%, lower than 14.25% in 2022.

Trade’s contribution to Nominal GDP in the fourth quarter of 2023 was 11.75%, lower than the contribution in the same quarter of the previous year of 13.20%, and higher than the preceding
quarter recorded at 11.06%.

In real terms, Trade’s year-on-year growth stood at 1.40% in the fourth quarter of 2023, which was 3.15% points lower than the rate recorded in the previous year at 4.54%, and 0.13% points lower than in the preceding quarter at 1.53% growth rate.
Quarter-on-quarter growth stood at 14.27%.

This growth was higher than the quarter-on-quarter growth recorded in the third quarter of 2023 at -0.74%.
On an annual basis, trade grew by 1.66% in 2023 compared to 5.13% in 2022.

Trade’s contribution to GDP was 15.50%, lower than the 15.82% it represented in the previous year, and higher than the 15.19% recorded in the 2023 third quarter.

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Business

Illicit Financial Flows Draining National Resources – Adedeji

He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

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37 minutes ago

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July 22, 2025

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•Chairman of FIRS, Zacch Adedeji

On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.

He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:

* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.

  • The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
  • FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
  • * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
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Business

Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target

The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.

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3 hours ago

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July 22, 2025

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The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.

The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.

Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent. 

He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.

The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.

He also disclosed that eight banks had achieved the new recapitalisation requirements.

The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.

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Business

NCS Replacing 4% import charges with 1% CISS import levy

Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.

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16 hours ago

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July 22, 2025

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The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy.

The Comptroller -General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform.

The CGC who is also the Chairperson of the World Customs Organization (WCO) explained that, though the introduction of the 4 percent FOB had been enshrined in the constitution.

He noted that the decision to reintroduce the levy was made after careful consideration and consultation with relevant stakeholders.

Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.

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