Due to the cash crunch experienced during the first quarter of 2023 (Q1'23), Nigeria witnessed a deceleration in its Gross Domestic Product (GDP), with a growth rate of 2.31%.

Today, the GDP report for Q1'23 released by the National Bureau of Statistics (NBS) revealed that Nigeria's GDP experienced a year-on-year growth rate of 2.31% in real terms.

This marks a decline from the previous quarter's growth rate of 3.52% in Q4 2022 and 3.11% in the corresponding period of 2022.