The Nigerian Economy Grew by 2.74% in FY-2023, Down 36bps Compared to the 3.10% in FY-2022

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February 23, 2024/United Capital Report

Nigeria’s real Gross Domestic Product (GDP) grew by 3.46% y/y in real terms in Q4-2023 compared to 3.52% recorded in Q4-2022.

The Q4-2023 readings is lower than that of Q4-2022, however higher than 2.54% recorded in Q3-2023. On an annual basis, Nigeria’s real GDP advanced by 2.74% in FY-2023 relative to the 3.10% growth recorded in FY-2022.

Despite the ongoing challenges posed by the macroeconomic environment, including persistent global and domestic inflationary pressures, a depreciating Naira, and elevated importation costs, the economy showed resilience in Q4-2023.

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