Gross Domestic Product (GDP) grew by 2.31% (year-on-year) in real terms in the first quarter of 2023. This growth rate declined from 3.11% recorded in the first quarter of 2022, and 3.52% in the fourth quarter of 2022.
Other Services contributed 3.17% to real GDP in Q1 2023, lower than the 4.05% recorded for the corresponding quarter of 2022 and lower than the 3.27% recorded in Q4 2022.
Real GDP growth in the manufacturing sector in the first quarter of 2023 was 1.61% (year-on-year), lower than the same quarter of 2022 and lower than the preceding quarter by 4.28% points and 1.22% points respectively.
The contribution of Public Administration to real GDP stood at 1.63% in Q1 2023, relatively same with the 1.63% recorded in Q1 2022 and lower than the 2.12% in Q4 2022.
The agricultural sector in the first quarter of 2023 grew by -0.90% (year-on-year) in real terms, a decrease of 4.06% points from the corresponding period of 2022, and a decrease of 2.95% points from the preceding quarter which recorded a growth rate of 2.05%.
The non-oil sector grew by 4.27% in real terms during the reference quarter (Q3 2022). This rate was lower by 1.18% points compared to the rate recorded same quarter of 2021 and 0.50% points lower than the second quarter of 2022.
In the third quarter of 2022, Nigeria recorded an average daily oil production of 1.20 million barrels per day (mbpd), lower than the daily average production of 1.57mbpd recorded in the same quarter of 2021 by 0.37mbpd and lower than the second quarter of 2022 production volume of 1.43 mbpd by 0.24mbpd.
The total value of capital importation into Nigeria in the first quarter of 2022 stood at US$1,573.14 million from US$2,187.63 million in the preceding quarter showing a decrease of 28.09%. When compared to the corresponding quarter of 2021, capital importation decreased by 17.46% from US$1,905.89 million.
National Bureau of Statistics.
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