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The performance of the GDP in the first quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 4.35% and contributed 57.29% to the aggregate GDP. The agriculture sector grew by -0.90%, lower than the growth of 3.16% recorded in the first quarter of 2022. Although the growth of the industry sector improved to 0.31% ...
•The marginal growth in GDP by 2.5% in Q2 2023 from 2.3% in Q1 2023 was caused by the lingering effect of the cash crunch. PwC projects 2.8% growth rate for Nigeria in 2023 and 3% in 2024. This marginal growth projection may be due to the emerging effects of the implementation domestic
June 2023 8.3% Previous Oil Production 1.3mbpd 1.2mbpd Period M -o M% July 27 2023 3.8% Previous FX Reserves $35.6bn $34.3bn Period M -o M% July 27 2023 8.9% Previous Market Capitalisation ₦35.6tn ₦32.7tn July 2023 1.8% Previous Inflation 22.8% 22.4 % NB: The cut off date is as of July 27, 2023 ₦ $ Source: NBS, CBN, NGX, PwC Analysis ...
Nigeria Economic Outlook. Recent macroeconomic and financial developments. economic growth in Nigeria slowed from 3.3% in 2022 to 2.9% in 2023 due to high inflation and sluggish growth in the global economy, which declined from 3.5% in 2022 to 3.2% in 2023. Growth was driven by services and agriculture on the supply side and by consumption and ...
May 24, 2023 · byVictor Ejechi. May 24, 2023 6:16 pm. Nigeria’s gross domestic product (GDP) grew by 2.31 percent year-on-year in the first quarter (Q1) 2023 — indicating a decline from 3.11 percent recorded ...
Coverage of Quarterly Real Gross Domestic Product commenced 1st Quarter of 2010. Choose year to display. Mallam Adamu Ciroma:Mallam Adamu Ciroma was appointed the third Nigerian Governor of the Central Bank of Nigeria, from September 23rd, 1975 to June 27th, 1977. He later served as the Minister of Finance in the first Obasanjo democratic ...
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Jun 27, 2023 · In the first part of 2023, Nigeria’s economic growth weakened, and real gross domestic product (GDP) growth fell from 3.3% in 2022 to 2.4% year-on-year (y-o-y) in Q1 2023. The challenging global economic context has put pressure on Nigeria’s economy. However, domestic policies play the major role in determining Nigeria’s economic ...
