Nigeria’s annual Gross Domestic Product (GDP) growth rate in 2022 fell to 3.10 per cent from the 3.40 per cent reported in 2021, the National Bureau of Statistics said Wednesday.
The NBS said the performance of agriculture and industry reduced in 2022 relative to 2021, while the performance of the services sector improved in 2022.
The NBS said Nigeria’s GDP performance in the fourth quarter of 2022 was driven mainly by the services sector, which recorded a growth of 5.69 per cent and contributed 56.3 per cent to the aggregate GDP.
However, the agriculture sector grew by 2.05 per cent in the fourth quarter as 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 stood at 3.58 per cent.
The NBS said the industry sector was equally 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,” it said.