According to the National Bureau of Statistics (NBS), the Nigerian economy grew by 2.3 percent year-on-year) in the first quarter of 2023 (see Figure 1). This represents a slowdown relative to the economic growth of 3.1 percent and 3.5 percent recorded in the first and fourth quarters of 2022,respectively. Similarly, the real Gross Domestic Product (GDP) declined by 15.7 percent (quarter-on-quarter) in 2023Q1. This could be partly due to the Naira scarcity following the CBN’s currency redesign policy, which constrained economic activities in the quarter. In nominal terms, the size of the economy in 2023Q1 stood at N51.2 trillion (US$111.1 billion).
The Summit House
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4th Floor, Unity Bank Tower
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The Nigerian Economic Summit Group is a non-profit, non-partisan private-sector led think tank with a mandate to promote and champion the reform of the Nigerian economy into a modern globally competitive, sustainable, inclusive, open economy.