. Grows by 3.52% in Q4
By Clara Nwachukwu
Nigeria’s annual Gross Domestic Product (GDP) growth rate in 2022 slowed to 3.10%, down from the 3.40% reported in 2021.
Also, the performance of Agriculture and Industry fell in 2022 relative to 2021, while the performance of the Services sector improved in 2022.
However, the economy grew by 3.52% in real terms in the fourth quarter (Q4) of 2022, up from 2.25% in Q3 but lower than 3.98% year-on-year in Q4 2021.
Latest report released by the National Bureau of Statistics (NBS), yesterday, said the performance of the GDP in Q4 was “driven mainly by the Services sector, which recorded a growth of 5.69% and contributed 56.27% to the aggregate GDP.”
It noted that “Although the Agriculture sector grew by 2.05% 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%.”
“Moreover, the Industry sector was yet challenged recording -0.94% growth and contributing less to the aggregate GDP relative to the third quarter of 2022 and the fourth quarter of 2021,” the report added.
The NBS report put the aggregate GDP in Q4 stood at N56.7 trillion in nominal terms, higher than the N49.2 trillion registered a year ago or a 15.18% increase year-on-year.
Although the Agriculture sector grew by 2.05% in the reference period, its performance was significantly hampered by severe incidences of floods experienced across the country…
Oil sector
The NBS also put the average daily oil production in Q4 22 at 1.34 million barrels per day (mbpd), lower than the 1.50mbpd recorded in the same quarter of 2021, but higher than Q3 2022 production of 1.20mbpd.
It said the real growth of the oil sector was –13.38% (year-on-year) in Q4 2022, a decrease of 5.33% relative to the corresponding quarter of 2021.
“Growth increased by 9.29% points when compared to Q3 2022 which was –22.67%. On a Quarter-on-Quarter, the oil sector recorded a growth rate of -14.93% in Q4 2022. However, the annual growth rate of oil stood at -19.22% compared to the -8.30% recorded in 2021.
“The Oil sector contributed 4.34% to the total real GDP in Q4 2022, down from the figures recorded in the corresponding period of 2021 and the preceding quarter, where it contributed 5.19% and 5.66% respectively. The total annual contribution of oil to aggregate GDP in 2022 was 5.67%,” the report said.
Non-oil sector
The NBS GDP report said the non-oil sector grew by 4.44% in real terms in Q4 2022 or 0.29% lower than the rate recorded in the same quarter of 2021 and 0.18% points higher than Q3 2022.
“This sector was driven in the fourth quarter of 2022 mainly by Information and Communication (Telecommunication); Trade; Agriculture (Crop Production); Financial and Insurance (Financial Institutions); Manufacturing (Food, Beverage & Tobacco); Real Estate and Construction, accounting for positive GDP growth,” the report said.
In real terms, the non-Oil sector contributed 95.66% to the Q4 GDP in 2022, higher than the 94.81% share in the same period in 2021, but higher than the 94.34% recorded in Q3 2022.
