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

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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

NAFDAC Gives Conditions For Reopening Sealed Factories of Alcoholic Manufacturers

The reopening and continued opening of any facility shall be subject to:Full compliance with the nationwide recall directive. Payment of all applicable investigative charges and regulatory fees…

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• NAFDAC DG, Prof Mojisola Christianah Adeyeye

The National Agency for Food and Drug Administration and Control (NAFDAC) on Monday gave the conditions for the reopening of sealed factories of alcoholic beverages manufacturers nationwide.

At a press briefing in Lagos, the agency’s Director – General, Prof Mojisola Christianah Adeyeye, also directed the Distillers and Blenders Association of Nigeria (DIBAN), the Association of Food, Beverage and Tobacco Employers (AFBTE), and their member companies who have not comply with the ban on alcoholic beverages packaged in sachets and PET (plastic) bottles below 200ml to do so.

“Affected manufacturers are required to immediately commence a nationwide recall of all alcoholic drinks packaged in sachets and PET bottles below 200ml from distributors, warehouses, and other points within the supply chain and submit to the agency for destruction,” she said.

Emphasising on reopening sealed factories, she said: ” NAFDAC imposed investigative charges on defaulting companies found to have violated regulatory directives relating to the manufacture and distribution of alcoholic beverages in prohibited package sizes.

The affected companies are required to settle the applicable charges within the stipulated period and comply fully with all regulatory directives issued by the Agency.

The Agency wishes to emphasize that all recalled alcoholic products shall be subjected to inventory verification and destruction under NAFDAC supervision in accordance with the terms of the enforcement undertaking. Manufacturers shall bear the full cost of such destruction exercises.

Furthermore, before any sealed facility involved in the production of alcoholic beverages in sachets or PET bottles below 200ml can be reopened, NAFDAC will require satisfactory evidence that the production lines used for the prohibited package sizes have been dismantled, permanently disabled, or reconfigured to prevent the manufacture and packaging of alcoholic products in sachets and PET bottles below 200ml.

Such dismantling or reconfiguration shall be carried out under the direct supervision and verification of NAFDAC officers.

The reopening and continued opening of any facility shall be subject to:Full compliance with the nationwide recall directive. Payment of all applicable investigative charges and regulatory fees.Successful destruction of recalled products under NAFDAC supervision. Verification of the dismantling, reconfiguration, or decommissioning of equipment used for prohibited package sizes.Satisfactory inspection and certification by NAFDAC that the facility is compliant with all regulatory requirements.”

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Business

Cybercriminals cloning DStv, other brands to steal bank accounts across Africa

According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.

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Cybercriminals are impersonating popular companies and government agencies across Africa in a campaign designed to take over smartphones and bank accounts.

More than 100 fake websites linked to the malware campaign have been identified since August 2025.

Brands including DStv, Takealot and South African Airways, as well as the South African Revenue Service (SARS), are being used to make fraudulent messages and websites appear legitimate.

According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.

The attacks are particularly concerning in South Africa, where Android dominates the mobile operating system market.

NordVPN said the attacks typically begin with social engineering, where criminals send convincing messages through SMS, WhatsApp or social media.

The messages may contain urgent offers or requests involving job opportunities, tax refunds, identity renewals or pension verification.

Victims are then directed to fake websites designed to closely resemble the official websites of trusted organisations.

The sites encourage users to download an Android application. Once installed, the malicious software can operate quietly in the background, including after the smartphone is restarted.

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Business

Cement price hits N16,000 per bag

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

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• Chairman of BUA cement, Abdul Samad Rabiu (ASR)

Cement dealers across Nigeria have announced fresh price increases, with a 50kg bag now selling for as much as N16,000 in some markets, up from N13,000 recorded by buyers just days earlier.

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

By the third quarter of 2025, that had risen to about N9,000 before reaching the N12,000 to N16,000 range now seen across different locations.

Other building materials have followed a similar upward path. Blocks have climbed from around N600 to N1,100 each.

Sand has gone from N165,000 to N250,000 per 30 tonnes. Granite has risen from N530,000 to N780,000 per 30 tonnes.

Reinforcing steel now costs N1.15 million per tonne, up from N850,000.

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