A report by the Nigerian Bureau of Statistics (NBS), shows that the nation’s Gross Domestic Product growth fell to 2.31 per cent in the first quarter of 2023 from 3.52 per cent in the fourth quarter of 2022.
According to the NBS report the decline was due 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.
Read Also: Lagos Free Zone to Generate $12bn, Add to GDP
“This growth rate declined from 3.11 percent recorded in the first quarter of 2022, and 3.52 percent in the fourth quarter of 2022.
“The reduction in growth is attributed to the adverse effects of the cash crunch experienced during the quarter,” NBS’ report partly read.
