Statistics provided by the National Bureau of Statistics (NBS) for the fourth quarter, 2023 indicates that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the fourth quarter of 2023 .
This growth rate is lower than the 3.52% recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54%.
The decline on year-on-year GDP growth is reflected in the decreases of the sectoral divisions’ contributions to the GDP.
For instance in the manufacturing sector, NBS states that “Real GDP growth in the manufacturing sector in the fourth quarter of 2023 was 1.38% (year-on-year), lower than the same quarter of 2022 and higher than the preceding quarter by 1.46% points and 0.90% points respectively. The growth rate of the sector on a quarter-on-quarter basis stood at 9.54% .On an annual basis, the sector grew by 1.40% in 2023, lower than 2.45% in 2022.
“The Real contribution to GDP in the 2023 fourth quarter was 8.23%, lower than the 8.40% recorded in the fourth quarter of 2022 and lower than the 8. 42% recorded in the third quarter of 2023.”
According to the NBS classification, the Manufacturing sector comprised of thirteen activities including Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood products; Pulp Paper and Paper Products;
Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber Products; Electrical and Electronic; Basic Metal and Iron and Steel; Motor Vehicles
and Assembly; and Other Manufacturing.
On trade, NBS statistics showed that
in the fourth quarter of 2023, the
nominal year-on-year growth rate of
Trade stood at 3.36%.
“This indicates a decrease of 11.45% points when compared to the fourth quarter of 2022 growth rate of 14.82% and 0.27% points higher than the previous quarter’s growth rate of 3.10%. The quarter-on quarter growth rate was 15. 45% .
“On an annual basis, the sector grew by 3.01%, lower than 14.25% in 2022. Trade’s contribution to Nominal GDP in the fourth quarter of 2023 was 11.75%, lower than the contribution in the same quarter of the previous year of 13.20%, and higher than the preceding quarter recorded at 11.06% .
“In real terms, Trade’s year-on-year
growth stood at 1.40% in the fourth
quarter of 2023, which was 3.15%
points lower than the rate recorded in the previous year at 4.54%, and 0.13% points lower than in the preceding quarter at 1.53% growth rate.
“Quarter-on-quarter growth stood at
14.27% . This growth was higher than the quarter-on-quarter growth recorded in the third quarter of 2023 at – 0.74% .On an annual basis, trade grew by 1.66% in 2023 compared to 5.13% in 2022. Trade’s contribution to GDP was 15. 50%, lower than the 15.82% it represented in the previous year, and higher than the15.19% recorded in the 2023 third quarter”, the NBS stated.
The NBS further observed that the performance of the GDP in the fourth quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.98% and contributed 56. 55% to the aggregate GDP.
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