Nigeria’s agriculture sector grew 2.05% (year-on-year) in the fourth quarter of 2022, according to the latest GDP report by the National Bureau of Statistics (NBS).
As Nairametrics already reported, Nigeria’s Gross Domestic Product (GDP) rose by 3.52% year-on-year in real terms in the fourth quarter of 2022.
The growth in the agriculture sector represents a 0.71% points increase from the preceding quarter which recorded a growth rate of 1.34% and a decrease of 1.53% points from the corresponding period of 2021.
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Sector growth: The NBS report revealed that the sector contributed 26.46% to overall GDP in real terms in Q4 2022, lower than the contribution in the fourth quarter of 2021 and lower than the third quarter of 2022 which stood at 26.84% and 29.67% respectively.
- “The agricultural sector in the fourth quarter of 2022 grew by 2.05% (year-on-year) in real terms, a decrease of 1.53% points from the corresponding period of 2021, and an increase of 0.71% points from the preceding quarter which recorded a growth rate of 1.34%.
- “It grew on a quarter-on-quarter basis at -1.01%. Overall. in 2022 growth rate of the sector stood at 1.88%, lower than the 2.13% reported in 2021.
- “ However, the sector contributed 26.46% to overall GDP in real terms in Q4 2022, lower than the contribution in the fourth quarter of 2021 and lower than the third quarter of 2022 which stood at 26.84% and 29.67% respectively. The total contribution of the agriculture sector in 2022 was 25.58%.”
Sub-activities: The report also noted that the sub-activities of the sector include Crop Production, Livestock, Forestry and Fishing.
- “Four sub-activities make up the Agricultural sector: Crop Production, Livestock, Forestry and Fishing.
- “The sector grew by 18.67% year-on-year in nominal terms in Q4 2022, showing an increase of 5.81% points from the same quarter of 2021. Looking at the preceding quarter’s growth rate of 20.07%, there was a decrease of 1.40% points. Crop Production remained the major driver of the sector. T
- “This is evident as it accounts for 91.58% of the overall nominal value of the sector in the fourth quarter of 2022. Quarter-on-Quarter growth stood at -1.81% in the fourth quarter of 2022.
- “Agriculture contributed 24.90% to nominal GDP in the fourth quarter of 2022. This figure was higher than the rate recorded in the fourth quarter of 2021 and lower than the third quarter of 2022 which recorded 24.17% and 27.55% respectively. Overall, in real terms, the sector recorded a contribution of 24.05% in 2022
In case you missed it: Nigeria’s Gross Domestic Product (GDP) grew by 3.52% (year-on-year) in real terms in the fourth quarter of 2022, following a growth of 2.25% in the third quarter of 2022 and 3.98% in the fourth quarter of 2021.
The performance of the GDP in the fourth quarter of 2022 was driven mainly by the Services sector, which recorded a growth of 5.69% and contributed 56.27% to the aggregate GDP.
The non-oil sector grew by 4.44% in real terms during the reference quarter (Q4 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.
