City in Nigeria

GDP in Nigeria

Nigeria GDP

GDP growth softens in Q1 2023

The Nigerian economy started 2023 on a weaker footing. Economic growth waned to 2.3% year on year in the first quarter, slowing from the 3.5% expansion tallied in the final quarter of 2022. The deceleration chiefly reflected the fallout from the cash crunch in Q1, most notably in February and March.

Growth in the non-oil sector of the economy softened to 2.8% year on year in Q1 (Q4 2022: +4.4% yoy), explaining the smaller GDP increase. The slowdown chiefly reflected a 0.9% year-on-year decline in the agricultural sector, swinging from the previous quarter’s 2.0% annual growth. Meanwhile, growth in the services sector weakened (Q1 2023: +4.3% yoy; Q4 2022: +5.7% yoy). Despite the cooling, the sector’s contribution to overall growth was a larger 57.3% in Q1, up from the previous quarter’s 56.3%. In addition, the industrial sector returned to growth, posting a 0.3% annual increase (Q4: -0.9% yoy).

The oil sector, meanwhile, contracted at a markedly softer pace of 4.2% year on year in Q1 (Q4 2022: -13.4% yoy). Oil production rose to 1.51 million barrels per day (mbpd) in Q1, from 1.34 mbpd in the previous three months.

Nigeria GDP Chart

This chart displays Economic Growth (GDP, annual variation in %) for Nigeria from 2013 to 2022.

Nigeria GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 1.9 2.3 -1.9 3.4 3.1
GDP (USD bn) 357 403 406 440 478
GDP (NGN bn) 129,087 145,639 154,252 176,076 202,365
Economic Growth (Nominal GDP, ann. var. %) 12.3 12.8 5.9 14.1 14.9

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