Posted 11/28/2023, 1:10:38 PM
Nigeria Q3 GDP Growth Edges Up to 2.54% on Services Sector Strength
- Nigeria's GDP grew 2.54% year-on-year in Q3 2023, up from 2.51% growth in Q2 2023
- The services sector was the main driver, growing 3.99% and contributing 52.70% to total GDP
- Oil production increased to 1.45 million barrels per day, boosting oil sector growth
- Non-oil sector grew 2.75% year-on-year, driven by information/communication, finance, agriculture
- Non-oil sector contributed 94.52% to Nigeria's total Q3 2023 GDP, slightly down from 94.66% in Q2 2023