Macroeconomic Overview

Snapshot - Nigeria

Sokoto Others Economic snapshot Foreign Trade (Q2 2023)

Katsina
Kebbi Jigawa
Yobe
Export Import
Zamfara
Kano
Borno N17.72 tn 2.51% 21.6 % N 7.02 Billion N 5.76 Billion
Real GDP (Q2 2023) GDP growth rate
(Q2 2023) Debt to GDP
Population
224
Kaduna

211
Bauchi (Q1 2023) Market Capitalization
Niger Gombe $2,333 $38.3 billion

Million
N 35.6 Trillion
18.75%
Plateau
GDP per capita FX Reserves 2023
Adamawa
(Q3 2022) (July 2023)
Kwara Abuja
Oyo Osun Kogi Public debt (As at Q2 2023) Monetary Policy
Rate (As at July Inflation (As at July 2023)
N87.38 trillion
Nasarawa
Ondo Enugu Anambra
Ekiti 2023)
Male
Taraba 22.08%
Female
Ogun
$48 million
50.6%
Benue
Foreign direct investment (Inflows) – Q1 2023
Lagos Edo Ebonyi
Nigeria Abuja
Country
Delta

West
Cross-
Imo Abia River
A
Capital
English
Contribution to Real GDP (Q2 2023)
Agriculture
49.4%
20 Unemployment Stats (Q1 2023)
kwa
18
Africa Official
Region
Currency
Major
Land area
commerci language Services Agriculture 16
al areas 14

Naira(N) Rivers Ibom

Bayelsa
923,770 58.42% 23.01% 12

Square Kilometers N 4.08 Trillion 10

N 10.35 Trillion 8
I&E exchange Industries
Regions 6 Geo-political rate 6
4
zones 768.6 18.56% 2
Naira USD (as at July 27, N 3.3 Trillion 0
2023) Unemployment Underemployment Youth Unemployment Youth Underemployment

Source: NBS, FMDQ, The World Bank, Fitch Solutions, CBN, EIU, DMO, NEPZA, Statistica.com, PwC
 DRAFT FOR DISCUSSION PURPOSES ONLY

Macroeconomic Overview
Economic Drivers

Overview Real GDP Year on Year Growth (%)

 Nigeria Gross Domestic Product (GDP) grew by 2.51% (year-on-year) in real terms in the second quarter
of 2023. This growth rate is lower than the 3.54% recorded in the second quarter of 2022 and may be
attributed to the challenging economic conditions being experienced. The performance of the GDP in
the second quarter of 2023 was driven mainly by the Services sector, which recorded a growth of
4.42% and contributed 58.42% to the aggregate GDP.
 The agriculture sector grew by 1.50%, an improvement from the growth of 1.20% recorded in the
second quarter of 2022. The growth of the industry sector was -1.94% relative to -2.30% recorded in
the second quarter of 2022. In terms of share to the GDP, agriculture, and the industry sectors
contributed less to the aggregate GDP in the second quarter of 2023 compared to the second quarter
of 2022.
 The real growth of the oil sector was –13.43% (year-on-year) in Q2 2023, indicating a decrease of
1.66% points relative to the rate recorded in the corresponding quarter of 2022 (-11.77%). Growth also
decreased by 9.22% points when compared to Q1 2023 which was –4.21%. On a quarter-on-quarter
basis, the oil sector recorded a growth rate of -14.12% in Q2 2023. The Oil sector contributed 5.34% to Sector Contribution to GDP (Q2 2021 – Q2 2023)
the total real GDP in Q2 2023, down from the figure recorded in the corresponding period of 2022 and
down from the preceding quarter, where it contributed 6.33% and 6.21% respectively.
 The non-oil sector grew by 3.58% in real terms during the reference quarter (Q2 2023). This rate was
lower by 1.19% points compared to the rate recorded in the same quarter of 2022 and 0.81% points
higher than the first quarter of 2023. This sector was driven in the second quarter of 2023 mainly by
Information and Communication (Telecommunication); Financial and Insurance (Financial Institutions);
Trade; Agriculture (Crop production); Manufacturing (Food, Beverage & Tobacco); Construction; and
Real Estate, accounting for positive GDP growth. In real terms, the non-oil sector contributed 94.66% to
the nation’s GDP in the second quarter of 2023, higher than the share recorded in the second quarter
of 2022 which was 93.67% and higher than the first quarter of 2023 recorded as 93.79%.
 Monetary Policy Rate (MPR) increased to 18.75%. This may likely have negative impact on economic
growth, as it impedes headroom for banks to lend to the real and business sector. Despite the
persistent increase in interest rates, inflation rates continue to rise, primarily driven by factors such as
an expansion in money supply, currency devaluation, insecurity, lingering effect of the naira redesign
policy, among others.
Source: NBS