Nigeria’s Agriculture sector grew by 1.20% (year-on-year) in real terms for the second quarter of 2022, a decrease of 1.96% points from the preceding quarter which recorded a growth rate of 3.16% and also a decrease of 0.10% points from the corresponding period of 2021.
This was disclosed in the Q2 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 3.54% (year-on-year) in real terms in the second quarter of 2022, showing an increase of 0.44% points relative to 3.11% in Q1 2022.
The sector grew by 13.83% year-on-year in nominal terms in Q2 2022, showing an increase of 7.47% points from the same quarter of 2021.
Key highlights
- The Agriculture sector in the second quarter of 2022 grew by 1.20% (year-on-year) in real terms, a decrease of 0.10% points from the corresponding period of 2021.
- The sector contributed 23.24% to overall GDP in real terms in Q2 2022, lower than the contribution in the second quarter of 2021and higher than the first quarter of 2022 which stood at 23.78% and 22.36% respectively.
- The four sub-activities which make up the Agricultural sector include; Crop Production, Livestock, Forestry and Fishing.
- The sector grew by 13.83% year-on-year in nominal terms in Q22022, showing an increase of 7.47% points from the same quarter of 2021.
- Compared to the preceding quarter’s growth rate of 11.55%, there was an increase of 2.28% points.
- Crop Production remained the major driver of the sector. This is evident as it accounts for 91.99% of the overall nominal growth of the sector in the second quarter of 2022.
- Quarter-on-Quarter growth stood at 3.09% in the second quarter of 2022. Agriculture contributed 21.90% to nominal GDP in the second quarter of 2022.
- This figure was lower than the rate recorded for the second quarter of 2021 and higher than the first quarter of 2022 which recorded 22.13% and 21.09% respectively.
What you should know
Nigeria’s gross domestic product (GDP) grew by 3.54% year-on-year in real terms in the second quarter of 2022, an improvement compared to the 3.11% growth recorded in the previous quarter.
A cursory look at the data showed that the industrial sector contributed 19.4%, while services accounted for 57.35% of the GDP.
Nigeria’s non-oil sector contributed 93.67% to the nation’s GDP in the second quarter of 2022, higher than the share recorded in the second quarter of 2021 which was 92.58% and also higher than the first quarter of 2022 recorded as 93.37%.
