Nigeria’s Gross Domestic Product (GDP) fell to 2.74% in 2023, a slight deceleration from the 3.10% growth rate experienced in 2022, fresh data by the National Bureau of Statistics (NBS) released on Thursday, has shown.
This represents the slowest growth since 2020 when the economy contracted by –1.92% due to the pandemic.
However, for Q4 2023, the economy experienced a growth of 3.46% on a year-on-year basis. This rate of expansion signifies a slight decrease from the 3.52% growth observed in Q4 of 2022, yet it marks an improvement over the 2.54% growth rate seen in Q3 of 2023.
