Agric Sector Contributed 30.7% To Nigeria’s GDP-NBS

The Nigerian Agriculture sector has proven resilience in the third quarter of this year as it contributes 30.77 percent to the overall National Gross Domestic Product, National Bureau of Statistics data revealed.

According to the latest GDP report, the 30.77 percent recorded in the period is higher than the sector’s contribution in the corresponding quarter of 2019 and the second quarter of 2020 which stood at 29.25 per cent and 24.65 per cent respectively.

The sector which grew by 13.52 per cent year-on-year in nominal terms in Q3 2020, consist of four sub-activities including; Crop Production, livestock, forestry and fishing.

The report showed that crop production remains the major driver of the sector, accounting for 92.93 per cent of overall nominal growth of the sector in third quarter of this year.

It said “Compared to growth in the preceding quarter (19.90 per cent), this represented a drop of –6.38 per cent points.

“Quarter- on-quarter growth stood at 36.45 per cent in Q3 2020”.

“Agriculture contributed 28.41 per cent to nominal GDP in the third quarter of 2020, higher than the rates recorded for the third quarter of 2019 and the second quarter of 2020 at 25.88 per cent and 23.92 per cent respectively”.

The report shows a 1.39 per cent growth (year-on-year) in real terms, with a drop of 0.89 per cent points from the corresponding period of 2019, and a decrease of –0.19 per cent points from the preceding quarter.

“On a quarter on quarter basis, agriculture GDP grew 39.95 per cent.

“Agriculture contributed 28.41 per cent to nominal GDP in the third quarter of 2020.

“This figure was higher than the rates recorded for the third quarter of 2019 and higher than the second quarter of 2020 which recorded 25.88 per cent and 23.92 per cent respectively,” it added.