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Nigeria's economic growth accelerated to 4.07% year-over-year in Q4 2023, up from 3.91% in the previous quarter, driven by expansion in agriculture and services sectors. The data suggests modest recovery amid ongoing challenges like currency depreciation and energy shortages. While the growth remains below the 5% target set by the government, it could bolster regional trade dynamics and commodity markets. Investors are watching how this affects oil exports, which constitute a major portion of Nigeria's GDP.
