Business

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

Published

2 years ago

February 22, 2024

OCHEFA

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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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Naira Exchange Rates Friday, 3 July 2026

Published

2 days ago

July 3, 2026

OCHEFA

29 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

3 days ago

July 2, 2026

OCHEFA

53 Views

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.

The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.

The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.

The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.

The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.

Current status

The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.

As the case is pending before the court, the allegations remain subject to judicial determination.