Severe incidences of flooding in 2022 slowed Nigeria’s Gross Domestic Product growth to 3.10 per cent in 2022 from 3.40 per cent in 2021.
According to GDP results from the National Bureau of Statistics, reduced growth in the agriculture and industrial sector of the economy slowed GDP growth in 2022, despite the good performance of the service sector. This translated to slower economic growth in 2022.
The NBS said, “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 added, “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.”
The NBS stated that the overall growth rate of the agriculture sector fell from 2.13 per cent in 2021 to 1.88 per cent in 2022. The overall performance of the agriculture and industry sector fell in 2022 compared to 2021, while the performance of the service sector improved in 2022.
Agriculture contributed 24.05 per cent to total real GDP in 2022.
In the fourth quarter of 2022, GDP grew by 3.52 per cent (year-on-year) in real terms. This growth was driven by the services sector, which recorded a growth of 5.69 per cent and contributed 56.27 per cent to aggregate GDP.
In its Nigerian Gross Domestic Product Report Q4 2022, the NBS said, “Nigeria’s 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.”
According to the national statistics body, the agriculture sector grew by only 2.05 per cent in the period under review because of flooding experienced across the country.