According to the latest GDP data from the National Bureau of Statistics, Nigeria’s Gross Domestic Product growth decreased to 3.10 percent in 2022 from 3.40 percent in 2021.
The NBS indicated that while the service sector’s performance increased in the year under review, growth in the economy’s agriculture and industry sectors was lowered in 2022.
GDP increased by 3.52 per cent (year over year) in the fourth quarter of 2022. The services sector, which saw growth of 5.69% and made up 56.27% of the total GDP, was the main driver of this expansion.
Nigeria’s GDP increased by 3.52 percent (year-over-year) in real terms in the fourth quarter of 2022, following increases of 2.25 percent in the third quarter of 2022 and 3.98 percent in the fourth quarter of 2021, according to the NBS’s Nigerian Gross Domestic Product Report Q4 2022.
“The services sector achieved an increase of 5.69 percent and contributed 56.27 percent to the aggregate GDP, driving the performance of the GDP in the fourth quarter of 2022.”
Due to nationwide flooding, the agriculture sector only rose by 2.05 percent during the review period, according to the national statistics body.
It said, “In addition, the Industrial sector continued to face difficulties, recording -0.94% growth and contributing less to overall GDP compared to the third and fourth quarters of 2022 and 2021.
Compared to the 3.40 percent reported in 2021, the annual GDP growth rate in 2022 was 3.10 percent. As a result, while the performance of the services sector improved in 2022, that of agriculture and industry declined relative to 2021.
The total nominal GDP for the fourth quarter of 2022 was N56.76 trillion, up from N49.28 trillion in the same quarter of 2021.