Nigeria’s Gross Domestic Product (GDP) rose by 3.52% year-on-year in real terms in the fourth quarter of 2022, an improvement compared to 2.25% recorded in the previous quarter but a decline when compared to 3.98% recorded in the corresponding period of 2021.
This is according to data released by the National Bureau of Statistics (NBS). Meanwhile, on an annual basis, the real GDP growth slowed to 3.1% in 2022 from 3.4% recorded in the previous year.
According to the NBS, the GDP growth in Q4 2022 was driven mainly by the services sector, which recorded a growth of 5.69% and contributed 56.27% to the aggregate GDP.
Although the Agriculture sector grew by 2.05% 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%.
Moreover, the Industry sector was yet challenged recording -0.94% growth and contributing less to the aggregate GDP relative to the third quarter of 2022 and the fourth quarter of 2021. Basically, the performance of agriculture and Industry reduced in 2022 relative to 2021, while the performance of the Services sector improved in 2022.
Oil sector: The real growth of the oil sector contracted by 13.38% (year-on-year) in Q4 2022 indicating a decrease of 5.33% points relative to the rate recorded in the corresponding quarter of 2021.
- The Oil sector contributed 4.34% to the total real GDP in Q4 2022, down from the figures recorded in the corresponding period of 2021 and the preceding quarter, where it contributed 5.19% and 5.66% respectively.
- The total annual contribution of oil to aggregate GDP in 2022 was 5.67%.
- The nation in Q4 2022 recorded an average daily oil production of 1.34 million barrels per day (mbpd), lower than the daily average production of 1.50mbpd recorded in the same quarter of 2021 by 0.16mbpd and higher than the third quarter of 2022 production volume of 1.20 mbpd.
Non-oil sector: The non-oil sector grew by 4.44% in real terms during the reference quarter (Q4 2022). This rate was lower by 0.29% points compared to the rate recorded same quarter of 2021 and 0.18% points higher than the third quarter of 2022.
- This sector was driven in the fourth quarter of 2022 mainly by Information and Communication (Telecommunication); Trade; Agriculture (Crop Production); Financial and Insurance (Financial Institutions); Manufacturing (Food, Beverage & Tobacco); Real Estate and Construction, accounting for positive GDP growth.
- In real terms, the non-Oil sector contributed 95.66% to the nation’s GDP in the fourth quarter of 2022, higher than the share recorded in the fourth quarter of 2021 which was 94.81% and higher than the third quarter of 2022 recorded as 94.34%.
- Moreover, on aggregate 94.33% was contributed in 2022, higher than the 92.76% reported in 2021.
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