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Financial, Telecoms, Other Service Sectors Grew Nigeria’s GDP By 3.46% In Q4 2023 – NBS

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The Financial, Information, telecommunications and other service sectors grew Nigeria’s Gross Domestic Product by 3.46 per cent in the fourth quarter of 2023.




The National Bureau of Statistics disclosed this in its latest “Nigerian Gross Domestic Product (GDP) Report Q4 2023”, released on Thursday in Abuja.

The NBS said the growth rate was lower than the 3.52 per cent recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54 per cent.

The report said the performance was driven mainly by the service sector, which recorded a growth of 3.98 per cent and contributed 56.55 per cent to the aggregate GDP.

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Accordingly, the non-oil sector grew by 3.07 per cent in real terms during the reference quarter (Q4 2023).

“This sector was driven in the fourth quarter of 2023 mainly by financial and insurance (financial institutions); information and communication (telecommunication); agriculture (crop production); trade; construction; manufacturing (food, beverage, and tobacco) and real estate, accounting for positive GDP growth.




“On a quarter-on-quarter basis, the oil sector recorded a growth rate of -3.81 per cent in Q4 2023. On an annual basis, the oil sector growth stood at -2.22 per cent in 2023 compared to -19.22 per cent in 2022”, the report said.




Meanwhile, NBS noted that in real terms, the non-oil sector contributed 95.30 per cent to the nation’s GDP in the fourth quarter of 2023, lower than the share recorded in the fourth quarter of 2022, which was 95.66 per cent and higher than the third quarter of 2023 recorded as 94.52 per cent.