Nigeria’s GDP declines to 2.31% in first quarter, 2023

The National Bureau of Statistics, NBS, said country’s Gross Domestic Product, GDP, has declined to 2.31 per cent in the first quarter of 2023, blaming the cash crunch experienced during the quarter.

The NBS, in a report on Wednesday, said that GDP grew by 2.31 per cent year-on-year in real terms in the reviewed period from 3.52 per cent in Q4 2022 and 3.11 per cent in the corresponding period of 2022.

The report read in part, “Gross Domestic Product grew by 2.31 per cent (year-on-year) in real terms in the first quarter of 2023. This growth rate declined from 3.11 per cent recorded in the first quarter of 2022, and 3.52 per cent in the fourth quarter of 2022.

The decline is slightly below a recent projection by KPMG that Nigeria’s GDP will grow at a relatively slow pace of 3 per cent in 2023 due to challenges associated with the naira redesign and political transition.

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