Nigeria’s 2023 GDP growth fell to 2.74%, marking the slowest since the pandemic-induced recession in 2020. Both agriculture and manufacturing sectors saw reduced growth compared to 2022, and the non-oil sector also slowed down. Despite increased oil production, the oil sector remained negative. This performance fell short of global projections by institutions like the World Bank and IMF. While the fourth quarter showed a slight improvement, experts attribute this partly to a comparison with an election-dampened Q4 in 2022. High production costs and stagnant oil output are seen as concerning factors for future growth.
