Abuja, May 24, 2023 – Nigeria’s Gross Domestic Product (GDP) growth fell to 2.31 per cent in the first quarter of 2023 from 3.52 per cent in the fourth quarter of 2022.
The National Bureau of Statistics (NBS), which released the figures on Wednesday, attributed the decline to the adverse effects of the cash crunch experienced during the quarter.
“Gross Domestic Product grew by 2.31 per cent (year-on-year) in real terms in the first quarter of 2023.
“This growth rate declined from 3.11 per cent recorded in the first quarter of 2022, and 3.52 per cent in the fourth quarter of 2022.
“The reduction in growth is attributed to the adverse effects of the cash crunch experienced during the quarter,” it said. (GBN)
