Nigeria’s Gross Domestic Product growth fell by 1.21 per cent 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 report in Abuja on Wednesday, attributed the decline to the adverse effects of the cash crunch experienced during the first quarter due to the crisis arising from the botched switch to new Naira notes.
According to the report: “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.”
The decline is slightly below a recent projection by KPMG that Nigeria’s GDP will grow at a relatively slow pace of 3 per cent in 2023 due to challenges associated with the naira redesign and political transition.
