• Mon. May 29th, 2023

Nigeria’s GDP Growth Fell to 3.10% in 2022, According to NBS

ByJustice Godfrey Okamgba

Feb 23, 2023

According to the National Bureau of Statistics, Nigeria’s economy grew significantly in the fourth quarter (Q4) of 2022, with its GDP increasing by 3.52 percent.

The figure represents a 1.27 percentage point increase over the third quarter (Q3) of 2022 when it stood at 2.25 percent.

According to the NBS GDP report released on Wednesday, the service sector will account for the majority of 2022 growth.

According to the bureau, the service sector increased by 5.69 percent and contributed 56.27 percent to the country’s GDP, while agriculture underperformed due to last year’s flooding.

However, NBS said the annual GDP growth rate in 2022 fell to “3.10 percent from the 3.40 percent reported in 2021”.

“Although the agriculture sector grew by 2.05 percent in the reference period, its performance was significantly hampered by severe flooding across the country, accounting for lower growth relative to the fourth quarter of 2021, which was 3.58 percent,” the bureau said.

“Moreover, the industry sector was yet 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.



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