Nigeria’s economy slowed to 2.31% in Q1 2023 amid cash crunch

Nigeria’s economic growth slowed in the first quarter of 2023 as the Gross Domestic Product (GDP) grew by 2.31 per cent year-on-year within the quarter, the National Bureau of Statistics has said.

The statistics bureau said this in its “Nigerian Gross Domestic Product Report Q1 2023” released on Wednesday.

The NBS said this growth rate declined from 3.11 per cent recorded in the first quarter of 2022, and 3.52 per cent in the fourth quarter of 2022.