Services Sector, Others Drive Nigeria’s GDP Growth By 3.52% In Q4 2022

• The GDP growth in the second quarter of 2022 was 3.54%.

• It dropped to 2.25% in the third quarter of the year on low oil production.

• However, the GDP growth rebounded in the fourth quarter of 2022.

Eko Hot Blog reports that Nigeria’s Gross Domestic Product (GDP) grew by 3.52% (year-on-year) in real terms in the fourth quarter of 2022.

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The growth came after the economy grew by 2.25% in the third quarter of 2022 and 3.98% in the fourth quarter of 2021

The National Bureau of Statistics (NBS) made the disclosure in its GDP report for Q4 2022 released Wednesday afternoon.

According to the country’s top data agency, 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% and contributed 56.27% to the aggregate GDP.

“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%,” the report reads.

NBS

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.

Overall, the annual GDP growth rate in 2022 stood at 3.10%, from the 3.40% 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,” the NBS added.

The GDP growth rate in 2022 failed to meet the projection of the International Monetary Fund (IMF), which projected an economic growth of 3.4% for Nigeria in 2022.

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The IMF’s economic outlook released in April 2022 estimated that Nigeria’s economy would grow by 3.4 percent in 2022 from the 2.7 percent earlier projected.

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