Nginx config file for this site didn't have gzip compression enabled. I copied the default file from here https://www.nginx.com/resources/wiki/start/topics/recipes/drupal updated server_name and site path, and never bothered to check if compression is enabled or not.
As soon as I was aware of this, I decided to do a little test. I checked the page speed of my site by using Google PageSpeed Insights tool. These are the results without gzip compression enabled.
After doing this initial speed test I update the nginx config file. I added the following lines:
These are the speed results with compression enabled.
Nice! Adding just 5 lines of code to my nginx config file increased the page load time by 48% on mobile, and 10% on desktop.
Btw, this is where I added those lines. Just beneath the path reference.
Don't forget to restart the nginx with this command after you update the file:
service nginx restart
It's not always necessary to get a better server if you are not happy with the site speed. Sometimes you just have to tweak the existing one to get better results.