Nigeria’s Gross Domestic Product (GDP) growth fell to 3.10 per cent in 2022 from 3.40 per cent in 2021 according to new GDP results from the National Bureau of Statistics.

The NBS stated that growth in the agriculture and industry sector of the economy reduced in 2022, while the performance of the service sector improved in the year that is being reported.

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.

It added, “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.”

Aggregate GDP for Q4 2022 stood at N56.76tn in nominal terms, higher than the N49.28tn that was recorded in Q4 2021.