CEM REPORT, AGRICULTURE| Nigeria’s agricultural sector contributed 26.46% to overall GDP in real terms in Q4 2022.
This as the sector grew by 1.34% quarter-on-quarter and 2.05% year-on-year in the closing quarter of 2022 (Q4’22).
The latest GDP report by the National Bureau of Statistics (NBS) revealed that the growth rate of the sector stood at 1.88%, lower than the 2.13% reported in 2021.
“The agricultural sector in the fourth quarter of 2022 grew by 2.05% (year-on-year) in real terms, a decrease of 1.53% points from the corresponding period of 2021, and an increase of 0.71% points from the preceding quarter which recorded a growth rate of 1.34%.
“It grew on a quarter-on-quarter basis at -1.01%. Overall. in 2022 growth rate of the sector stood at 1.88%, lower than the 2.13% reported in 2021.
“However, the sector contributed 26.46% to overall GDP in real terms in Q4 2022, lower than the contribution in the fourth quarter of 2021 and lower than the third quarter of 2022 which stood at 26.84% and 29.67% respectively. The total contribution of the agriculture sector in 2022 was 25.58%.”
On nominal terms the agricultural sector contributed 24.90% to nominal GDP in the Q4’22. This is higher than the rate recorded in the in the corresponding quarter of 2021 and lower than the third quarter of 2022 which recorded 24.17% and 27.55% respectively.
Crop Production remained the major driver of the sector. as the sector grew by 18.67% year-on-year in nominal terms in Q4 2022, showing an increase of 5.81% points from the same quarter of 2021.
However this is a decrease of 1.40% points from 20.07% recorded in the preceding quarter.
“This is evident as it accounts for 91.58% of the overall nominal value of the sector in the fourth quarter of 2022. Quarter-on-Quarter growth stood at -1.81% in the fourth quarter of 2022.”
Recall that Nigeria’s Gross Domestic Product (GDP) grew by 3.52% (year-on-year) in real terms in the fourth quarter of 2022, following a growth of 2.25% in the third quarter of 2022 and 3.98% in the fourth quarter of 2021.
