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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

Truecaller adds travel eSIM to portfolio

COO at Truecaller, Fredrik Kjell, said that the launch marks Truecaller’s move into mobile data services, broadening the platform beyond caller ID and spam protection, and for the first time adding digital consumables to the portfolio.

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Truecaller has launched travel eSIM in Nigeria, South Africa, Egypt, Malaysia, and 25 other countries, saying it is to deepen global communications among people by dismantling fetters occasioned by location.

COO at Truecaller, Fredrik Kjell, said that the launch marks Truecaller’s move into mobile data services, broadening the platform beyond caller ID and spam protection, and for the first time adding digital consumables to the portfolio.

Travel eSIM is also currently available to purchase in Italy, Sweden, Spain, France, Germany, Poland, Portugal, Romania, the Netherlands, Belgium, Ireland, Austria, Finland, the Czech Republic, Denmark, Hungary, the United States, the United Kingdom, Australia, Canada, New Zealand, Switzerland, Norway, Chile and Indonesia.

The leading global platform for verifying contacts and blocking unwanted communication, has 500 million people already on its platform with their daily communication.

Travel eSIM extends that relationship to international travel – a category where users routinely overpay for connectivity or arrive at their destination disconnected.

Travel eSIM is a fully digital mobile data service that activates in minutes and offers plans from 1 GB over seven days to 20 GB over 30 days. Customers can buy travel eSIM in 29 markets at launch, through the Truecaller iPhone app or on the web at Truecaller.com.

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Nigeria’s external debt: Tinubu’s borrowing in 24 months surpasses 55 years record

He revealed that, with Nigeria’s total public debt of N159.28 trillion as of April 2026, according to the Debt Management Office, every Nigerian owes N670,000, lamenting the rapid expansion of Nigeria’s debt profile in recent years.

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” The N65.9 trillion borrowed by the administration of President Bola Tinubu in the last 24 months is more than five times the total debt Nigeria incurred in the first 55 years of its Independence.”

This observation was made by Chairman of the Alliance for Economic Research and Ethics LTD/GTE, Dele Oye.

Oye, who is the immediate past chairman of the Organised Private Sector of Nigeria (OPSN), noted that while successive governments accumulated debt over decades, the Tinubu administration alone added N65.9 trillion in two years, compared to just N12 trillion accumulated over 55 years.

He revealed that, with Nigeria’s total public debt of N159.28 trillion as of April 2026, according to the Debt Management Office, every Nigerian owes N670,000, lamenting the rapid expansion of Nigeria’s debt profile in recent years.

Oye cautioned that unless urgent measures are taken to strengthen revenue generation and fiscal discipline, the rising debt burden could place long-term pressure on public finances and constrain government spending on critical sectors.

Cast your mind back to 2006. Nigeria had just pulled off one of the most celebrated fiscal feats in African history. President Olusegun Obasanjo paid $12 billion to extinguish $30 billion in Paris Club debt. Nigeria was, briefly, externally debt-free. The Excess Crude Account (ECA) was flush. The future looked fundable. Twenty years later, that golden moment reads like a fairy tale. Under President Goodluck Jonathan, debt crept back to N12.06 trillion by 2015, manageable, but the warning signs were already blinking. Then came the Buhari years.

“In eight years, the debt exploded from N12.06 trillion to N87.38 trillion, a 620 percent increase. The Central Bank of Nigeria (CBN) was pressed into printing money through ‘Ways and Means’ advances; N23.7 trillion of this was eventually securitised into long-term bonds, effectively converting a government overdraft into a generational liability.

“Tinubu’s administration has added a further N65.9 trillion in just two years. To put that in perspective: it took Nigeria’s first 55 years of independence to accumulate N12 trillion in debt. The present administration has added more than five times that amount in 24 months,” said Oye.

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Business

Gas Marketers pleads for FG intervention over soaring price for common Nigerians

NALPGAM National President, Mr. Edu Inyang, said that cooking gas now sells between N1, 500 and N1, 700 per kilogram, the current situation has placed millions of households, food vendors, small businesses and low-income earners under severe pressure, as many Nigerians can no longer afford cooking gas for daily use.

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The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has appealed to the Federal Government to urgently intervene and stabilise the supply and pricing of cooking gas inoder to prevent further hardships on Nigerians.

NALPGAM National President, Mr. Edu Inyang, said that cooking gas now sells between N1, 500 and N1, 700 per kilogram, the current situation has placed millions of households, food vendors, small businesses and low-income earners under severe pressure, as many Nigerians can no longer afford cooking gas for daily use.

He disclosed that marketers pay between N25.2 million and N26.2 million for a 20-metric-tonne truck of liquefied petroleum gas, depending on location.

He attributed the rising cost of LPG to persistent supply shortages, high depot prices, logistics bottlenecks and escalating operational costs faced by marketers nationwide.

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