CROP production, trade, and information and communication services contributed over 50 per cent to increase Nigeria’s gross domestic product (GDP) to 2.51 per cent in the second quarter of 2023.
This is according to the Nigerian Gross Domestic Product Report for Q2, 2023, released by the National Bureau of Statistics (NBS).
Crop production, trade and ICT had a combined contribution of 53.52 per cent to the real GDP in the second quarter.
According to the report, the GDP grew by 0.20 per cent, higher than 2.31 per cent recorded in the first quarter of 2023. This translates to N52.10 trillion in nominal GDP and N17.72 trillion in Real GDP.
However, The ICIR findings showed that this is the slowest growth reported in the last two years.
The NBS said that the GDP performance was driven by the service sector, which recorded a growth of 4.42 per cent and contributed 58.42 per cent to the aggregate GDP.
Also, the agriculture sector grew by 1.50 per cent, an improvement from the growth of 1.20 per cent recorded in the second quarter of 2022.
“The growth of the industry sector was -1.94 per cent relative to -2.30 per cent recorded in the second quarter of 2022. In terms of share to the GDP, agriculture and the industry sectors contributed less to the aggregate GDP in the second quarter of 2023 compared to the second quarter of 2022,” the NBS report said.
This development is coming weeks after President Bola Tinubu inaugurated a presidential committee on fiscal policy and tax reform with a mandate to achieve an 18 per cent tax-to-GDP ratio within three years.
A financial expert, David Adonri, had told The ICIR that the reforms proposed by the government should adequately address the welfare of the average Nigerian to engender trust.
The ICIR also reported the promise of the president, while giving his inaugural speech on May 29, to increase Nigeria’s GDP by six per cent annually.
According to the NBS report, Nigeria’s GDP for the first half of 2023 is 2.41 per cent. To keep the promise of a six per cent annual GDP, the president has six months to get 3.59 per cent.
Kehinde Ogunyale tells stories by using data to hold the government into account. Shoot him a mail at kogunyale@icirnigeria.org or Twitter: Prof_KennyJames
