Nigeria’s GDP Drops To 3.10% Full Year 2022 From 3.58%
…As Real GDP Grows by 3.52% in Q4 2022
However, the GDP grew by 3.52 percent in the fourth quarter of 2022, up from 2.25 percent in the third quarter of 2022 and 3.98 percent in the fourth quarter of 2021.
In its GDP report for the fourth quarter of 2022 released on Wednesday, Nigeria’s statistics office said that growth recorded in the fourth quarter of 2022 was mainly driven by the Services sector, which recorded a growth of 5.69 per cent and contributed 56.27per cent to the aggregate GDP.
The Agriculture sector, according to the agency, grew by 2.05 per cent in the period compared to 3.58 per cent in 2021. However, the Bureau attributed the sector’s growth decline to severe incidences of flood experienced across the country.
More severe negative growth was recorded in the Industry sector at -0.94 percent growth compared to the third quarter of 2022 and the fourth quarter of 2021.
Thus, the performance of agriculture and Industry reduced in 2022 relative to 2021, while the performance of the Services sector improved in 2022.
In nominal terms, aggregate GDP stood at N56.757 trillion in the quarter under review, higher than N49.27 trillion recorded in the fourth quarter of 2021, indicating a year-on-year nominal growth of 15.18 percent.
The nation in the fourth quarter of 2022 recorded an average daily oil production of 1.34 million barrels per day (mbpd), lower than the daily average production of 1.50 million barrels per day recorded in the same quarter of 2021 by 0.16mbpd and higher than the third quarter of 2022 production volume of 1.20 mbpd by 0.14mbpd.
The real growth of the oil sector was –13.38 percent (year-on-year) in Q4 2022 indicating a decrease of 5.33 percent points relative to the rate recorded in the corresponding quarter of 2021.
Growth increased by 9.29 percent points when compared to Q3 2022 which was –22.67 percent.
On a Quarter-on-Quarter, the oil sector recorded a growth rate of -14.93 percent in Q4 2022.
The NBS said the non-oil sector grew by 4.44 percent in real terms during the reference quarter (Q4 2022).
This rate was lower by 0.29 percent points compared to the rate recorded in the same quarter of 2021 and 0.18 percent 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,” it stated.
In real terms, the non-oil sector contributed 95.66percent to the nation’s GDP in the fourth quarter of 2022, higher than the share recorded in the fourth quarter of 2021 which was 94.81percent and higher than the third quarter of 2022 recorded as 94.34percent.
Moreover, on aggregate 94.33 percent was contributed in 2022, higher than the 92.76 percent reported in 2021.
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