The National Bureau of Statistics (NBS) on Friday disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 2.51% year-on-year in real terms in the second quarter of 2023, representing 0.2% points higher than 2.31% recorded in Q1 2023 but 1.03% lower compared to 3.54% recorded in the corresponding period of 2022.
The statistics agency’s ‘Gross Domestic Product Q2, 2023’ report posted on its website indicated that the performance of the GDP in the quarter under review was driven primarily by the Services sector, which recorded a growth of 4.42% and contributed 58.42% to the aggregate GDP.
The report also showed that agriculture sector grew by 1.50%, representing an improvement from the growth of 1.2% recorded in Q2 2022 while the industry sector recorded -1.94% growth relative to -2.3% it recorded in the second quarter of 2022.
In terms of share to the GDP, the NBS reported that agriculture and the industry sectors contributed less to the aggregate GDP in the quarter under review compared to their contributions in the corresponding period of last year.
A further analysis of the contributions by sectors to the GDP reflected the oil sector real growth was –13.43% (year-on-year) in Q2 2023, indicating a decline of 1.66% points relative to the(-11.77% rate it recorded in the corresponding quarter of 2022. The sector’s growth also decreased by 9.22% points when compared to its –4.21% growth in Q1 this year
During the quarter under review, the statistics agency disclosed that the oil sector contributed 5.34% to the total real GDP, down from the 6.33% contribution it recorded in the corresponding period of 2022 and lower than the 6.21% it contributed in the preceding quarter of this year.
The NBS data on the sector’s crude oil output in Q2 this year indicated that it recorded an average daily oil production of 1.22 million barrels per day (mbpd), lower than the daily average production of 1.43mbpd recorded in the same quarter of 2022 by 0.22mbpd and lower than the Q1 2023 production volume of 1.51 mbpd by 0.29mbpd.
On the performance of the non-oil sector, the NBS reported that the sector grew by 3.58% in real terms in Q2 2023, lower by 1.19% points when compared to the rate recorded in Q2 2022 but 0.81% points higher than the growth it recorded in the preceding quarter.
The statistics agency attributed the marginal improvement recorded by the sector on quarter-on-quarter basis mainly to performances of the Information and Communication (Telecommunication); Financial and Insurance (Financial Institutions); Trade; Agriculture (Crop production); Manufacturing (Food, Beverage & Tobacco); Construction; and Real Estate, accounting for positive GDP growth.
Specifically, the Bureau confirmed that in real terms, the non-oil sector contributed 94.66% to the nation’s GDP in the second quarter of 2023, higher than its contribution in Q2 2022 which stood at 93.67% and higher than its 93.79% contribution in Q1 2023.
