Nigerian Gross Domestic Product Report (Expenditure and Income Approach) (Q3, Q4 2023)


In the third quarter of 2023, Nigeria’s real GDP at basic prices grew by 2.54% on a year-on-year basis, showing a higher growth rate compared to the corresponding quarter of 2022 which was 2.25%. Growth of Q4 of 2023 GDP remained positive at 3.46%, lower compared to the Q4 of 2022 growth (3.52%). However, relative to Q3 and Q4 of 2022, the performances in 2023 indicate an increase of 0.30% points in the Q3 of 2023 growth rate and a fall of 0.05% points in Q4 of 2023. The annual growth rate of real GDP at basic prices stood at 2.74% in 2023 compared to 3.10% in 2022.

Data source: National Bureau of Statistics