According to the National Bureau of Statistics (NBS), in real terms, Nigeria’s GDP increased by 3.46% (year over year) during the fourth quarter of 2023.

The NBS stated that this growth rate was greater than the 2.54% growth in Q3 2023 and lower than the 3.52% growth in Q4 2022 in its GDP Report for Q4 2023, which was made public on Thursday.

According to the Bureau, “the Services sector, which recorded a growth of 3.98% and contributed 56.55% to the aggregate GDP, was the main driver of the GDP performance in the fourth quarter of 2023.”

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