Nigerian Gross Domestic Product Report (Expenditure and Income Approach) (Q1, Q2 2023)


In the first quarter of 2023, Nigeria’s real GDP at basic prices grew by 2.31% on a year-on-year basis, showing a lower growth rate compared to the corresponding quarter of 2022 which was 3.11%. Growth of Q2 of 2023 GDP remained positive at 2.51%, yet lower compared to the Q2 of 2022 (3.54%). However, relative to Q1 and Q2 of 2022, the performances in 2023 indicate a decrease of 0.80% points in the Q1 of 2023 growth rate and a fall of 1.03% points in Q2 of 2023.

Data source: National Bureau of Statistics