Nigeria’s Gross Domestic Product (GDP) growth rate slowed to 2.51 per cent year-on-year in the second quarter of this year (Q2 2023) compared to 3.54 per cent recorded in Q2 2022, the National Bureau of Statistics (NBS) said on Friday.
This, however, represented an increase of 0.20 per cent compared to 2.31 per cent recorded in the first quarter of 2023.
According to the Second Quarter GDP Report released by the statistical agency, the major driver of the economy remained the services sector which recorded a growth of 4.42 per cent and contributed 58.42 per cent to the aggregate GDP.
Quarter-on-quarter, real GDP decreased by 0.17 per cent in Q2 2023, reflecting a low production level of economic activities compared to the preceding quarter.
According to the NBS, real GDP was estimated at N17.72 trillion in Q2, lower than N17.75 trillion in Q1 but higher than N17.28 trillion in Q2 2022.
“This highlighted the shortfall in production level in the quarter under review when compared with the previous quarters of Q1 2023 but higher than the corresponding quarter of Q2 2022,” the NBS added.
However, nominal GDP (current price) stood at N52.10 trillion in Q2, indicating a year-on-year nominal growth rate of 15.77 per cent. This was higher than the N45 trillion recorded in Q2 2022 and N51.24 trillion in the preceding quarter.
The average daily oil production declined to 1.22 million barrels per day (mbpd) in Q2 compared to 1.43mbpd recorded in the same quarter of 2022 by 0.22mbpd and also lower than the 1.51 mbpd in Q1 of 2023, the NBS added.
The oil sector contributed 5.34 per cent to GDP, down from 6.21 per cent in the preceding quarter as well as 6.33 per cent in Q2 2022.
On the other hand, the non-oil sector contributed 94.66 per cent to the economy in Q2, higher than 93.79 per cent in the preceding quarter and 93.67 per cent in Q2 2022.
The agricultural sector contributed 23.01 per cent to GDP, lower than 21.66 per cent in Q1 but higher than 23.24 per cent in the corresponding year. Industries contributed 18.56 per cent to growth.
The manufacturing sector contributed 8.62 per cent to GDP in Q2, lower than 10.13 per cent in the preceding quarter and 8.65 per cent in Q2 2022.
In addition, trade contributed 16.80 to GDP, in Q2, higher than 15.97 per cent recorded in Q1, but lower than 16.81 per cent recorded in the previous year.
James Emejo
Follow us on:
FCT Minister Wike has said he has no regrets over the construction of judiciary quarters…
The Nigerian government has confirmed Simon Ekpa’s arrest in Finland, promising to provide updates as…
Obasanjo, at the funeral of former ICPC Chairman Olayinka Ayoola, said that Nigeria must fight…
The Appeal Court has reserved its judgement as Governor Fubara challenged the ruling halting allocations…
The NGX has seen a record foreign investor transaction activity, with a 156% YoY increase…
The Supreme court has ruled that lottery regulation falls under state Houses of Assembly, nullifying…
View Comments
(07045406674) (+234_704_540_6674)
it’s legal approve by the federal government of Nigerian opportunity to get a car at minimum price
Mama Africa #17,000 •Tomatoes Rice # *15,000* •Cap Rice #15,000 •My Food #17,000 •Mama Gold #17,500 •Ade Brazil #15,000 •Elephant Gold #15,000 •Royal Umbrella #15,000 Etc.
priceE.G
GOLF3= N400,000,, (DEPENDS ON THE MODEL).
GOLF4= N500,000,,(DEPENDS ON THE MODEL).
TOYOTA BIG DADDY= N500.000,,(DEPENDS ON THE MODEL).
TOYOTA MATRIX= N700,000,,(DEPENDS ON THE MODEL).
TOYOTA SPIDER= N950k,,(DEPENDS ON THE MODEL).
TOYOTA MUSCLE #850,000 (DEPEND ON THE MODEL).
TOYOTA HIACE BUS= N900k,,(DEPENDS ON THE MODEL).
TOYOTA HILUX= N1m,,(DEPENDS ON THE MODEL).
HONDA EVIL SPIRIT= N600.000,,(DEPENDS ON THE MODEL).
DINNER TRUCK= N900k,,(DEPENDS ON THE MODEL).
HONDA ACCORD= N650.000,,(DEPENDS ON THE MODEL).
TOYOTA AVALON= N800.000,,(DEPENDS ON THE MODEL).
TOYOTA COROLLA= N550.000,,(DEPENDS ON THE MODEL).
COASTA BUS= N3.5M,(DEPENDS ON THE MODEL).
TOYOTA VENZA N1,600,000 (DEPEND ON THE MODEL)
LEXUS IS250 1, 000,000.00(DEPEND ON THE MODEL)
LEXUS IS350 1.300,000.00(DEPEND ON THE MODEL)
LEXUS RX350= N2.,,(DEPENDS ON THE MODEL).
LEXUS RX330= N1m,,(DEPENDS ON THE MODEL).
LEXUS GL470 N2.5m,,(DEPENDS ON THE MODEL).
LEXUS ES330 #950,000 (DEPEND ON THE MODEL)
LEXUS ES350 1,300,000. (DEPEND ON THE MODEL)
RANGE ROVER SPORT 2M(DEPEND ON THE MODEL).
RANGE ROVER EVOGUE 3.0M (DEPEND ON THE MODEL).
MERCEDES BENZ GLK 2.8M(DEPEND ON THE MODEL).
MERCEDES BENZ ML350 #1.9M (DEPEND ON THE MODEL).
MERCEDES BENZ CLS 2M(DEPEND ON THE MODEL).
ACURA ZDX 1,300,000. (DEPEND ON THE MODEL)
ACURA MDX 1.2M(DEPEND ON THE MODEL).
TIPER= N3.5M,,(DEPENDS ON THE MODEL).
TOYOTA HIGHLANDER= N950.000,(DEPENDS ON THE MODEL).
TOYOTA AVENSIS= N650.000,(DEPENDS ON THE MODEL).
TOYOTA PRADO= N1.3m,(DEPENDS ON THE MODEL).(DEPENDS ON THE MODEL).
TOYOTA SEINNA= N650.000,,(DEPENDS ON THE MODEL).
MERCEDES BENZ c300= N1.8m,,(DEPENDS ON THE MODEL).
NISSAN PATHFENDER= N850.000,,(DEPENDS ON THE MODEL).
TOYOTA RAV4= N700.000,,(DEPENDS ON THE MODEL).
HONDA PILOT= N850.000,,(DEPENDS ON THE MODEL).
RANGE ROVER= N3.M,(DEPENDS ON THE MODEL).
LAND ROVER-JEEP= N1. 8M,(DEPENDS ON THE MODEL).
TOYOTA PICNIC= N650.000,,(DEPENDS ON THE MODEL).
AND A LOT OF CARS ARE AVAILABLE PLEASE CONTACT #No_O7O 4540 6674 }〽