The nation’s Gross Domestic Product growth fell to 2.74 per cent in 2023 from 3.10 per cent in 2022, according to new GDP report released by the National Bureau of Statistics on Thursday. This represents the slowest growth since 2020 when the economy contracted and entered into a recession by –1.92 per cent due to the COVID-19 pandemic. “On an annual basis, the oil sector growth stood at -2.22 per cent in 2023 compared to -19.22 per cent in 2022. It stated, “This growth rate is lower than the 3.52 per cent recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54 per cent. He warned that there is likely danger ahead if the country failed to boost oil production.

Source: Punch February 23, 2024 02:11 UTC