Nigeria’s Gross Domestic Product (GDP) has grown by 2.54 per cent (year-on-year) in the third quarter of 2023.

This was disclosed by the National Bureau of Statistics ( NBS) on Friday in its Nigerian Gross Domestic Product Report for Q3 2023.

The figure is higher than the 2.51 per cent increase rate recorded in the second quarter of the same year.

Also, the growth rate is higher than the 2.25 per cent recorded in the third quarter of 2022.

According to the NBS, the nation’s GDP performance in the third quarter of 2023 was propelled mainly by the services sector.

It noted that the services sector recorded a growth of 3.99 per cent and contributed 52.70 per cent to the aggregate GDP.

The agricultural sector rose by 1.30 per cent, from the growth of 1.34 per cent recorded in the Q# of 2022.

The development comes as Nigeria’s headline inflation rate jumped to 27.33 per cent in October.