The food, textile, and 24 other sectors of the economy lost over N1tn in the second quarter of 2023.
This is as twenty-six sectors of the economy shrank in Q2 based on an analysis of the Gross Domestic Product data from the Nigerian Bureau of Statistics.
These sectors lost N1.16tn in economic value as their collective contribution to real GDP fell to N6.54tn from the N7.69tn they contributed in the first quarter of 2023.
The sectors that shrank in Q2, 2023 were fishing, crude petroleum and natural gas, cement, food, beverage and tobacco, textile, apparel and footwear, wood and wood products, pulp, paper and paper products, non-metallic products, basic metal, iron and steel, motor vehicles and assembly, other manufacturing, construction, accommodation and food services, road transport, and air transport.
Other sectors that were negatively impacted In Q2 2023 were post and courier services, publishing, motion pictures, sound recording and music production, arts, entertainment and recreation, financial institutions, real estate, professional, scientific and technical services, education, other services, metal ores, and plastic and rubber products.
In its recently released GDP results, the NBS revealed that real GDP marginally rose by o.20 percentage points to 2.51 per cent in Q2, 2023 from the 2.31 per cent it was in Q1, 2023.
