Nigeria: Every sector, except for Transportation & Storage, recorded a year-on-year GDP growth in Q3 2023

In Q3 2023, Nigeria's GDP soared, with almost every sector recording year-on-year growth. Noteworthy growth includes Information and Communication, which increased by 40% compared to Q3 2022. Check out the chart for a quick overview.

Source:

National Bureau of Statistics

Period:

Q3 2023
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Mauritius ranks 15th globally, securing the number-one spot in Africa on the economic freedom index
  • Mauritius is the continent’s strongest performer by a wide margin, leading with a score of 75, and ranking 15th globally.
  • Botswana and Cape Verde are the only other African countries with a score close to 70, placing them within the global top 40.
  • Most of Africa’s top 15 countries score between 56 and 60, indicating moderate levels of economic freedom.
  • Even Africa’s highest performers trail global leaders, showing persistent gaps in rule of law, regulatory efficiency, and open-market conditions.
Presidential air fleet budget falls 15% after 2024 peak
  • Allocation declined by ₦290 m from ₦6.16bn in 2025 to a proposed ₦5.87bn in 2026.
  • The change represents a 4.7% year-on-year reduction in funding.
  • Despite the decline, allocations remain broadly flat, with no major expansion in 2026.
  • The 2026 figure is still a proposal, and actual funding figures may change after legislative review.
97% of businesses in Kogi are aware of Nigeria's 2025 tax reform, while 99% in Abia are not
  • Kogi entrepreneurs have the highest tax policy awareness in Nigeria (96.8%) in 2025.
  • Abia has the lowest awareness nationwide at just 1.4%.
  • Fewer than one-third of Nigerian states have awareness levels above 60%.
  • Major economic hubs like Lagos and Rivers have awareness below 50%.
  • Northern states dominate the top awareness rankings more than southern states.
  • Several states cluster around the 40–50% range, indicating partial reach.
  • States with low awareness risk lower compliance and higher friction during enforcement.
  • The gap between the highest and lowest states exceeds 95 percentage points, showing extreme disparity.
10 Nigerian states and the FCT cut their external debt by a combined $227.19 million in H1 2025
  • Ten states and the FCT collectively reduced their external debt by $227.19 million in H1 2025.
  • Lagos, Edo, and Rivers accounted for most of the reductions, making up more than three-quarters of the total.
  • Several smaller states also trimmed their balances, but by relatively modest amounts.
  • These reductions significantly offset the increases recorded by 26 other states, helping keep nationwide net external debt growth low.
26 Nigerian states added a combined $239m to their external debt in H1 2025
  • 26 states increased their external debt by a combined $239 million in H1 2025.
  • Imo, Oyo, Kaduna, Enugu, and Ogun recorded the biggest increases.
  • 11 states, including the FCT, reduced their debt through higher repayments.
  • Lagos, Edo, Rivers, and Bauchi accounted for most of the $227 million in reductions.
  • Total state external debt rose only slightly, from $4.8 billion to $4.812 billion.
Debt Management Office (DMO) Nigeria received a whopping 92.23% of the $15.5tn allocation for the Federal Ministry of Finance’s MDAs
  • The Debt Management Office (DMO) Nigeria took the lion’s share, with ₦14.3 trillion (92.23%) of the Ministry of Finance's total allocation.
  • The Nigerian Bulk Electricity Trading Plc. received ₦858.7 billion (5.53%), making it the second-highest allocation.
  • The Federal Ministry of Finance (Headquarters) got ₦289.4 billion (1.86%).
  • The Office of the Accountant General of the Federation was allocated ₦50.7 billion (0.33%).
  • The figures reveal how debt servicing priorities overshadow operational and policy-related financial allocations.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved