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

Published

2 years ago

February 22, 2024

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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.

Related Topics:NBS Q4 2023 GDP reports Nigerian Services industry

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President Tinubu Leaves for Kenya, Rwanda and France to Strengthen Strategic Partnerships

At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.

Published

2 days ago

May 1, 2026

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President Bola Ahmed Tinubu will depart Abuja on Saturday, May 2nd, on a visit to Kenya, Rwanda and France.

The itinerary details are provided by Bayo Onanuga,Special Adviser to the President(Information & Strategy), as follows:

” President Tinubu’s first stop will be in France, after which he will depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.

Co-chaired by President Emmanuel Macron and President William Ruto, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.

President Tinubu’s participation at the summit from May 11- 12 will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.

The summit, with the theme – “Africa Forward: Africa-France Partnerships for Innovation and Growth” – will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.

At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14th and 15th.

With the theme “Scale or Fail”, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.

Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.

President Tinubu will be accompanied on the trip by some of his ministers and senior aides.

He will return to Nigeria at the end of the Rwanda summit. “

Business

Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences

Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.

Published

3 days ago

April 30, 2026

OCHEFA

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The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.

The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.

In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.

It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.

Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.

It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.