February 22,(THEWILL) – On Wednesday, the National Bureau of Statistics (NBS) said Nigeria recorded annual Gross Domestic Product growth of 3.1 percent in 2022, representing a 0.3 percentage point decline from the 3.4 percent recorded in 2021.
The NBS disclosed this in its GDP report for the fourth quarter of 2022 released on Wednesday.
However, the GDP growth in the fourth quarter of 2022, rose to 3.52 percent from 2.25 percent recorded in the third quarter of last year.
According to the Bureau, the improved GDP growth in the fourth quarter was driven mainly by the Services sector, which recorded a growth of 5.69 percent and contributed 56.27 percent to the aggregate GDP.
The report said: “Nigeria’s Gross Domestic Product (GDP) grew by 3.52 percent (year-on-year) in real terms in the fourth quarter of 2022, following a growth of 2.25 percent in the third quarter of 2022 and 3.98 percent in the fourth quarter of 2021.
“The performance of the GDP in the fourth quarter of 2022 was driven mainly by the Services sector, which recorded a growth of 5.69 percent and contributed 56.27 percent to the aggregate GDP.
“Although the Agriculture sector grew by 2.05 percent in the reference period, its performance was significantly hampered by severe incidences of flood experienced across the country, accounting for lesser growth relative to the fourth quarter of 2021 which was 3.58 percent.
“Moreover, the Industry sector was still challenged, recording -0.94 percent growth and contributing less to the aggregate GDP relative to the third quarter of 2022 and the fourth quarter of 2021.
“Overall, the annual GDP growth rate in 2022 stood at 3.10 percent, from the 3.40 percent reported in 2021. Thus, the performance of agriculture and Industry reduced in 2022 relative to 2021, while the performance of the Services sector improved in 2022.
“In the quarter under review, aggregate GDP stood at N56,757,889.95 million in nominal terms. This performance is higher when compared to the fourth quarter of 2021 which recorded aggregate GDP of N49,276,018.23 million, indicating a year-on-year nominal growth of 15.18 percent.”
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