Nigeria’s GDP Drops To 3.1% In 2022, Says NBS

The National Bureau of Statistics on Wednesday said Nigeria recorded annual Gross Domestic Product growth of 3.1 per cent in 2022.

The NBS disclosed this in the just released GDP report for the fourth quarter of 2022.

The Bureau said the decline represents a 0.3 percentage point decline from the 3.4 per cent recorded in 2021.

But the GDP growth in the fourth quarter of last year, rose to 3.52 per cent from 2.25 per cent recorded in the third quarter of 2022.

The improved GDP growth in the fourth quarter was driven mainly by the Services sector, which recorded a growth of 5.69 per cent and contributed 56.27 per cent to the aggregate GDP.

The report said: “Nigeria’s Gross Domestic Product (GDP) grew by 3.52 per cent (year-on-year) in real terms in the fourth quarter of 2022, following a growth of 2.25 per cent in the third quarter of 2022 and 3.98 per cent 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 per cent and contributed 56.27 per cent to the aggregate GDP.

“Although the Agriculture sector grew by 2.05 per cent 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 per cent.

“Moreover, the Industry sector was yet challenged recording -0.94 per cent 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 per cent, from the 3.40 per cent 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.

“In the quarter under review, aggregate GDP stood at N56,757,889.95 million in nominal terms. This performance is higher when compared to the fourth quarter of 2021 which recorded aggregate GDP of N49,276,018.23 million, indicating a year-on-year nominal growth of 15.18 per cent.”