Nigeria’s GDP Grew By 2.54℅ In Q3 As Transport Fare Declines Across Board

The Nation’s Gross Domestic Product (GDP) grew by 2.54% (year-on-year) in real terms in the third quarter of 2023, according to the latest report by the National Bureau of Statistics (NBS).

NBS said in the report that the growth rate was higher than the 2.25% recorded in the third quarter of 2022 and higher than the second quarter of 2023 growth of 2.51%.

The report said, the performance of the GDP in the third quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.99% and contributed 52.70% to the aggregate GDP.

The Bureau said, the agriculture sector grew by 1.30%, from the growth of 1.34% recorded in the third quarter of 2022.

It said, the growth of the industry sector was 0.46%, an improvement from -8.00% recorded in the third quarter of 2022.

In terms of share of the GDP, NBS said, agriculture, and the industry sectors contributed less to the aggregate GDP in the third quarter of 2023 compared to the third quarter of 2022.

Meanwhile, the Bureau in its Transport Fare Watch for October 2023, said, the average fare paid by commuters for bus journeys within the city per drop declined to -16.48% from N1,337.80 in September to N1,117.30 in October 2023. On a year-on-year basis, it rose by 75.45% from N636.83 in October 2022.

In another category, it said, the average fare paid by commuters for bus journey intercity per drop declined to N5,885.68 in October 2023, indicating a decrease of 0.53% on a month-on-month basis compared to N5,917.16 in September 2023.

NBS said, on a year-on-year basis, the fare rose by 53.04% from N3,845.81 in October 2022. In air travel, the average fare paid by air passengers for specified routes single journey was N78,778.38 in October 2023, showing a decrease of 0.30% while compared to the previous month (September 2023). On a year-on-year basis, the fare rose by 7.62% from N73,198.65 in October 2022.

It said, the average transport fare paid on Okada transportation was N507.30 in October 2023 which was 21.51% decrease when compared with the value recorded in September 2023 (N646.29). On a year-on-year basis, the fare rose by 10.75% when compared with October 2022 (N458.05).

As for water transport (waterway passenger transportation), NBS said, the average fare paid in October 2023 decreased to N1,395.68 from N1,406.84 which indicates a contraction of 0.79% on a monthly basis. On a year-on-year basis, it increased by 38.70% from N1,006.22 in October 2022.

The report covers the following categories: bus journey within the city per drop constant route; bus journey intercity (state route) charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and waterway passenger transport.

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