[BREAKING] Nigeria’s Economic Pulse Wavers: First Quarter Records 2.31% Amid Cash Crunch

• Nigeria’s GDP growth has declined to 2.31% in Q1 2023 from 3.52% in Q4 2022.

• The decrease is attributed to the adverse effects of the cash crunch experienced during the quarter.

• This aligns with KPMG’s earlier projection of slower GDP growth for 2023 due to naira redesign and political transition challenges.

EKO HOT BLOG reports that according to the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) growth rate fell to 2.31% in the first quarter of 2023, down from 3.52% in the fourth quarter of 2022.

The NBS attributed this decline to the adverse effects of the cash crunch experienced during the quarter.

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The NBS report stated, “Gross Domestic Product grew by 2.31% (year-on-year) in real terms in the first quarter of 2023.

This growth rate declined from 3.11% recorded in the first quarter of 2022, and 3.52% in the fourth quarter of 2022. The reduction in growth is attributed to the adverse effects of the cash crunch experienced during the quarter.”

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This decrease is slightly lower than the earlier projection by KPMG, which anticipated a slower GDP growth rate of 3% in 2023 due to challenges associated with the naira redesign and political transition.

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