The National Bureau of Statistics (NBS) attributed the growth primarily to the robust performance of the services sector, which contributed 53.58% to the overall GDP. This sector, encompassing industries like telecommunications, finance, and trade, experienced a 5.19% growth rate.

While the positive GDP figures are encouraging, it’s important to note that Nigeria’s economic challenges persist. Issues such as high inflation, unemployment, and currency devaluation continue to impact the country’s overall economic health.

The NBS’s report provides a glimmer of hope, suggesting that the economy may be recovering from recent setbacks. However, sustained economic growth will require addressing underlying structural issues and implementing policies that promote job creation, investment, and sustainable development.