Home Business Nigeria’s GDP rose by 3.46% amid protest against hunger
BusinessNews

Nigeria’s GDP rose by 3.46% amid protest against hunger

Share
Share

By Chioma Obinagwam

The National Bureau of Statistics (NBS) revealed that the domestic economy maintained its growth pace for the third consecutive quarter in Q4-23, as the real Gross Domestic Product (GDP) rose by 3.46% y/y (Q3-23: +2.54% y/y).

Confiance News gathered from a Cordros Research report on Thursday.

The growth outturn is 72bps higher than Cordros’ estimate (+2.74% y/y) and 106bps higher than Bloomberg’s median consensus (+2.40% y/y) estimate.

According to the GDP breakdown provided, the oil sector turned positive in Q4-23 (+12.11% y/y | Q3-23: -0.85% y/y), as crude oil production increased by 6.8% y/y to an average of 1.53mb/d in Q4-23 (Q3-23 1.43mb/d). Consequently, the oil sector contributed 4.70% to the total GDP (Q3-23: 5.48%) during the review period.

At the same time, the non-oil sector sustained its positive growth trend, increasing by 3.07% year on year (y/y) in Q4-23 (Q3-23: +2.75% y/y). Accordingly, the non-oil sector contributed 95.30% to the total GDP (vs 94.52% in Q3-23).

From a sectoral perspective, Agriculture GDP increased by 2.10% y/y (Q3-23: +1.30% y/y), Industries GDP grew by 3.86% y/y (Q3-23: +0.46% y/y), while Services GDP moderated marginally to 3.98% y/y (Q3-23: +3.99% y/y).

In terms of contributions, Services, Agriculture, and Industries had a total of 56.55%, 26.11% and 17.34% of overall output growth.

Meanwhile, Confiance News reported that protests have since broken out in most parts of the country owing to the high cost of living in addition to insecurity.

Please follow and like us:
Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Start your career with NNPC Limited

Start your career with NNPC Limited
Start your career with NNPC Limited

Member

Don't Miss

How NCC aids cyber hygiene

Please follow and like us:

The real meaning of favour

By Chioma Obinagwam Favour is the flavour of God that covers your errors and colours your efforts. The guest minister at the Redeemed...

Related Articles

The real meaning of favour

By Chioma Obinagwam Favour is the flavour of God that covers your...

NCC

Please follow and like us:

How retreat for overseeing officers will aid NASENI’s developmental goals

By Chioma Obinagwam The National Agency for Science and Engineering Infrastructure, NASENI,...

Again Ikeja Electric customers experience frustration in recharging energy tokens

By Chioma Obinagwam Customers of Ikeja Electric Distribution Company (DisCo) have been...

Advertisements