NBS Says Nigeria’s GDP Dropped To 3.1% In 2022

The National Bureau of Statistics (NBS) has disclosed that  Nigeria’s annual gross domestic product (GDP) growth rate in 2022 stood at 3.10 percent, representing a decrease when compared to the 3.40 percent recorded in 2021.

NBS, in the GDP report released on Wednesday, said the performance of agriculture and industry reduced in 2022 relative to 2021.

However, the report noted that Nigeria’s GDP — driven by the service sector — grew by 3.52 percent in the fourth quarter (Q4) of 2022.

The figure represents a growth of 1.27 percentage points compared to the third quarter (Q3) of 2022, which stood at 2.25 percent.

The bureau said the service sector improved by 5.69 percent and contributed 56.27 percent to the country’s GDP, while the agriculture sector underperformed, due to the flooding that rocked the nation last year.

“Although the agriculture sector grew by 2.05 percent 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 percent,” the bureau said.

“Moreover, the industry sector was yet challenged, recording -0.94 percent growth and contributing less to the aggregate GDP relative to the third quarter of 2022 and the fourth quarter of 2021.

“Overall, the annual GDP growth rate in 2022 stood at 3.10 percent, from the 3.40 percent reported in 2021.

“Thus, the performance of agriculture and industry reduced in 2022 relative to 2021, while the performance of the services sector improved in 2022.”