In its recently released GDP report, the National Bureau of Statistics (NBS) estimates that the Nigerian economy grew by 2.51% in Q2 2023, a slight increase from the 2.31% in Q1 2023 but down from the 3.54% growth recorded in Q2 2022.
This growth was driven mainly by the non-oil sectors, with the top-contributing sectors being agriculture (23%), trade (16.8%), and telecommunications (16.06%), which grew by 1.5%, 2.4% and 9.7%, respectively.
However, this positive growth was dampened by negative growth in other sectors like crude petroleum (5% of total GDP) and road transport (0.74%), which contracted by 13% and 55%, respectively.
As shown above, other notable sectors were the manufacturing, financial services and insurance, and rail transport sectors, which grew by 2%, 26.8%, and 16.8%, respectively. This article, therefore, highlights key findings from the GDP report and the outlook for the economy in the coming quarters.
The central theme of