BREAKING: Nigeria’s GDP Development Falls To 2.31% In Q1 2023

Nigeria’s Gross Home Product progress has fallen, The PUNCH experiences.

The nation’s GDP fell to 2.31 per cent within the first quarter of 2023 from 3.52 per cent within the fourth quarter of 2022, based on new GDP outcomes from the Nationwide Bureau of Statistics.

The NBS attributed the decline to the opposed results of the money crunch skilled through the quarter.

The report learn partly, “Gross Home Product grew by 2.31 per cent (year-on-year) in actual phrases within the first quarter of 2023. This progress price declined from 3.11 per cent recorded within the first quarter of 2022, and three.52 per cent within the fourth quarter of 2022. The discount in progress is attributed to the opposed results of the money crunch skilled through the quarter.”

The decline is barely under a current projection by KPMG that Nigeria’s GDP will develop at a comparatively gradual tempo of three per cent in 2023 because of challenges related to the naira redesign and political transition.