Nigeria’s agriculture sector grew by 3.16% (year-on-year) in real terms in the first quarter of 2022, a decrease of 0.42% points from the preceding quarter which recorded a growth rate of 3.58%.
The sector grew by 11.55% year-on-year in nominal terms in Q1 2022, showing a fall of 3.59% points from the same quarter of 2021 and contributed 22.36% to overall GDP in real terms in Q1 2022, higher than the contribution in the first quarter of 2021 and lower than the fourth quarter of 2021 which stood at 22.35% and 26.84%.
This was disclosed in the Q1 2022 GDP report released by the National Bureau of Statistics (NBS) on Thursday. The report said that Nigeria’s Gross Domestic Product (GDP) grew by 3.11% (year-on-year) in real terms in the first quarter of 2022, indicating the sixth consecutive quarter of positive growth by the Nigerian economy.
Key highlights
NBS revealed that the agricultural sector in the first quarter of 2022 grew by 3.16% (year-on-year) in real terms, an increase of 0.88% points from the corresponding period of 2021, and a decrease of 0.42% points from the preceding quarter which recorded a growth rate of 3.58%. It grew on a quarter-on-quarter basis at -28.90%.
- “However, the sector contributed 22.36% to overall GDP in real terms in Q12022, higher than the contribution in the first quarter of 2021and lower than the fourth quarter of 2021which stood at 22.35% and 26.84% respectively,” it stated.
- It added that the four sub-activities that make up the Agricultural sector are: Crop Production, Livestock, Forestry and Fishing.
- The sector grew by 11.55% year-on-year in nominal terms in Q12022, showing a fall of 3.59% points from the same quarter of 2021. Looking at the preceding quarter’s growth rate of 12.86%, there was a decrease of 1.31% points.
- Crop Production remained the major driver of the sector. This is evident as it accounts for 92.05% of overall nominal growth of the sector inthefirstquarterof2022. Quarter-on-Quarter growth stood at -19.75% in the first quarter of 2022.
- Agriculture contributed 21.09% to nominal GDP in the first quarter of 2022. This figure was lower than the rate recorded for the first quarter of 2021and lower than the fourth quarter of 2021which recorded 21.42% and 24.17% respectively.
What you should know
- Nigeria’s Gross Domestic Product (GDP) grew by 3.11% (year-on-year) in real terms in the first quarter of 2022, indicating the sixth consecutive quarter of positive growth by the Nigerian economy.
- The oil sector of the Nigerian economy contracted by 26.04% (year-on-year) in Q1 2022, indicating a decrease of 23.83% points relative to the rate recorded in the corresponding quarter of 2021.
- Nigeria recorded an average daily oil production of 1.49 million barrels per day (mbpd) in Q1 2022, lower than the daily average production of 1.72mbpd recorded in the same quarter of 2021 by 0.23mbpd and lower than the fourth quarter 2021 production volume of 1.50mbpd by 0.01mbpd.
- On the other hand, the non-oil sector grew by 6.08% in real terms during the reference quarter (Q1 2022). This rate was higher by 5.28% points compared to the rate recorded same quarter of 2021 and 1.34% points higher than the fourth quarter of 2021.
