Nigeria’s GDP Jumped By 3.46% In Q4 2023 – NBS

The National Bureau of Statistics has revealed that Nigeria’s Gross Domestic Product (GDP) experienced a year-on-year real-term growth of 3.46 percent in the fourth quarter of 2023.

This was revealed by the NBS in its latest report, which stated that the growth rate was slightly lower than the 3.52 percent growth seen in the same quarter last year but higher than the 2.54 percent growth recorded in the second quarter (Q2) of 2023.

The NBS revealed these findings in its Q4 GDP report released on Thursday, attributing the growth primarily to the services sector, which experienced a 3.98 percent increase.

Earlier, the NBS revealed that the price of diesel rose by 39.11 percent from N828.82 in January 2023 to N1153.01 in January 2024.

The statistics bureau, in its latest AGO price watch released on Wednesday, detailed that the price of diesel rose by 2.34 percent from N1126.69 in December 2023 to N1153.01 in January 2024.

According to the data, fuel was most expensive in Kebbi at N1433.33 and the cheapest in Borno at N927.27.

The NBS report read, “The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 39.11% on a year-on-year basis from a lower cost of N828.82 per litre recorded in the corresponding month of last year to a higher cost of N1153.01 per litre in January 2024.

“On a month-on-month basis, an increase of 2.34% was recorded from N1126.69 in the preceding month of December 2023 to an average of N1153.01 in January 2024. Looking at the variations in the state prices, the top three states with the highest average price of the product in January 2024 include Kebbi State (N1433.33), Kogi State (N1300.00), and Abuja (N1226.70). Furthermore, the top three lowest prices were recorded in the following states: Borno State (N927.27), Kano State (N940.89), and Taraba State (N988.33).

“The zonal representation of the average price of Automotive Gas Oil (Diesel) shows that the North Central Zone has the highest price of N1205.11, while the North East Zone has the lowest price of N1074.03 when compared with other Zones.”