The real growth rate of the Nigerian economy fell to 2.31 percent at the end of the first quarter of 2023, the National Bureau of Statistics (NBS) has announced.
According to the NBS, the gross domestic product of Africa’s biggest economy, Nigeria, grew by 2.31 percent in real terms, year on year, at the end of the first quarter of 2023.
This is lower than the 3.11 percent recorded as of the end of the first quarter of 2022, and 3.52 percent real growth rate recorded at the end of the last quarter of 2022.
The non-oil sector contributed 93.79 percent while the oil and gas sector contributed 6.21 percent to the GDP at the end of the Q1 2023.
NBS further stated that the nation’s nominal GDP now stands at N51.24 trillion while the real GDP amounts to N17.75 trillion at the end of the first quarter of 2023.
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