Nigeria’s Agriculture sector grew by 3.58% (year-on-year) in the 4th quarter of 2021, an increase of 2.36% points from the preceding quarter which recorded a growth rate of 1.22%.
The sector contributed 26.84% to overall GDP in real terms in Q4 2021, lower than the contribution in the fourth quarter of 2020 and lower than the third quarter of 2021 which stood at 26.95% and 29.94% respectively
This was disclosed in the Q4 2021 GDP report released by the National Bureau of Statistics (NBS) on Thursday. The report said that Nigeria’s Gross Domestic Product (GDP) grew by 3.98% (year-on-year) in real terms in the fourth quarter of 2021
Highlight of the report
The NBS revealed that four sub-activities make up the Agricultural sector: Crop Production, Livestock, Forestry and Fishing, adding that the agricultural sector in the fourth quarter of 2021 grew by 3.58% (year-on-year) in real terms, an increase of 0.16% points from the corresponding period of 2020, and an increase of 2.36% points from the preceding quarter which recorded a growth rate of 1.22%.
- It grew on a quarter-on-quarter basis at -1.69%. Nonetheless, an annual growth of 2.13% was recorded in 2021.
- The sector grew by 12.86% year-on-year in nominal terms in Q4 2021, showing a fall of 1.17% points from the same quarter of 2020. Looking at the preceding quarter’s growth rate of 7.95%, there was an increase of 4.92% points.
- Crop Production remained the major driver of the sector. This is evident as it accounts for 91.23% of overall nominal growth of the sector in fourth quarter 2021.
- Quarter on Quarter growth stood at -0.65% in fourth quarter 2021, while annual growth was at 10.43% in 2021. Agriculture contributed 24.17% to nominal GDP in the fourth quarter of 2021. This figure was lower than the rate recorded for the fourth quarter of 2020 and lower than the third quarter of 2021 which recorded 24.23% and 26.57% respectively.
Nairametrics also reported that Nigeria’s Gross Domestic Product (GDP) grew by 3.98% year-on-year in real terms in the fourth quarter of 2021, indicating a sustained positive growth for the fifth quarter since the recession witnessed in 2020.