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From Isaac Anumihe, Abuja
The National Bureau of Statistics (NBS) reported that Nigeria’s Gross Domestic Product (GDP) grew by 3.46 per cent (year-on-year) in real terms in the fourth quarter of 2023.
According to the report obtained from NBS website, the growth rate is lower than the 3.52 per cent recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54 per cent.
It also stated that the performance of the GDP in the fourth quarter of 2023 was driven mainly by the services sector, which recorded a growth of 3.98 per cent and contributed 56.55 per cent to the aggregate GDP.
The agriculture sector, the report noted, grew by 2.10 per cent, from the growth of 2.05 per cent recorded in the fourth quarter of 2022. Also, the growth of the industry sector was 3.86 per cent, an improvement from -0.94 per cent recorded in the fourth quarter of 2022.
“In terms of share of the GDP, industry and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022. On an annual basis, GDP grew by 2.74 per cent in 2023 relative to 3.10 per cent in 2022,” the report said.
Meanwhile, NBS said that the average retail price paid by consumers for Premium Motor Spirit (Petrol) for January 2024 was N668.30, indicating a 159.92 per cent increase when compared to the value recorded in January 2023 (N257.12).
“Likewise, comparing the average price value with the previous month (i.e. December 2023), the average retail price decreased by 0.53 per cent from N671.86.
On state profile analysis, Kebbi State had the highest average retail price for Premium Motor Spirit (petrol) at N796.67; Zamfara and Taraba states were next, with N771.43 and N704.11, respectively. On the other side, Kwara, Niger and Kogi states had the lowest average retail prices for Premium Motor Spirit (petrol), at N614.90, 624.04 and 626.79 respectively.
“Lastly, on the zonal profile, the North West Zone had the highest average retail price of N701.60, while the North Central Zone had the lowest price of N632.86,” the NBS said
