The economy’s key pillars, namely the services and agricultural sectors, experienced modest growth rates of 4.3 percent and 0.6 percent, respectively.
Throughout the initial three quarters of 2023, the real Gross Domestic Product (GDP) growth averaged 2.5 percent, a dip from the 3.0 percent recorded during the same period in 2022 and the overall 3.1 percent for 2022.
This slowdown was attributed to policy adjustments and reform shocks, with the naira redesign policy implementation being a notable factor. This move led to a cash crunch, particularly impacting the informal economy and contributing to the subdued growth.
Tayo Aduloju, the CEO of NESG, expressed that the economic growth performance deteriorated due to the adverse effects of the government’s reform initiatives.
Looking back, Aduloju emphasized that the macroeconomic outlook for 2023 indicated minimal impact on Nigeria’s growth trajectory concerning the standard of living or socioeconomic indicators for a majority of the population.
He stressed the importance of implementing reforms to promote inclusive economic growth and guide the economy towards a prosperous future. Aduloju underscored the need for a concerted effort towards significant economic transformation, strategically focused on fostering sustained long-term economic growth, catalyzing job creation, and alleviating poverty.
