A recent National Bureau of Statistics (NBS) data reveals a notable economic shift in Nigeria as the Q2 2023 Gross Domestic Product (GDP) growth rate stood at 2.51%.
This marks a decline from the 3.54% recorded in the same period of 2022.
Comparing Q1 and Q2 of 2023 to the previous year, the growth rates witnessed reductions of 0.80% points and 1.03% points, respectively.
However, amidst this decline, there’s a glimmer of positivity. Q2 2023 showed an increase of 0.20% from the preceding quarter, with a growth rate of 2.31%.
Experts say the fluctuating trend in GDP growth reflects an evolving economic landscape in Nigeria, showcasing variations in growth patterns across the mentioned quarters in 2022 and 2023.
