Nigeria’s Gross Domestic Product (GDP) grew by 0.90% in the first quarter of 2023, according to a report released by the National Bureau of Statistics (NBS).
This marks a slowdown in growth compared to the same period last year, when the GDP grew by 2.11%.
Agricultural output, which makes up about 21.1% of the GDP, saw the slowest growth, at 0.39%. This is a significant decrease from the 2.53% growth rate reported in the first quarter of 2022.
Manufacturing output also experienced a slowdown in growth, with the sector growing by 0.93%, compared to 1.63% in Q1 of 2022. Mining and quarrying, which accounts for about 8.6% of the economy, saw a growth rate of 0.67%, a slight decrease from 1.25% in the same quarter last year.
In the services sector, which accounts for about 50.3% of the GDP, the banking industry saw growth of 1.84%, while the telecommunication sector grew by 3.53%.
The Nigerian economy experienced a slow growth rate in the fourth quarter of 2020, according to the National Bureau of Statistics (NBS), with the GDP growth rate reaching only 0.51%.
To stimulate growth and encourage economic development, the government has taken several steps. These include increasing public investment in infrastructure, removing bureaucratic obstacles to doing business, and introducing regulations designed to promote the growth of diversified sectors.
Moreover, the government has implemented policies aimed at encouraging private investment in agriculture, energy, and manufacturing, as well as reducing the cost of doing business, such as reducing red tape and cutting the cost of imports. It is expected that these measures will lead to a marked improvement in the economy in the near future.
The post Nigeria’s GDP Growth Slowed to 2.31% in Q1 2023 – NBS first appeared on AgroNigeria.