GDP: Nigeria’s agricultural sector grew by 1.34% in the third quarter of 2022

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Nigeria’s agricultural sector grew by 1.34% (yoy) in real terms over the 3rd quarter of 2022.

This was revealed in the Third Quarter GDP report from the Office for National Statistics on Thursday afternoon.

The numbers: This is an increase of 0.14% points compared to the previous quarter, which registered a growth rate of 1.20% as Gross Domestic Product of Nigeria (GDP) grew by 2.25% year-on-year in the third quarter of 2022, marking the slowest growth since the Covid-19 pandemic.

The NBS noted that Nigeria’s agricultural sector in the third quarter of 2022 grew by 1.34% (yoy) in real terms, an increase of 0.12% points from the corresponding period in 2021 and an increase of 0.14%. points from the previous quarter that registered a growth rate of 1.20%.

It grew on a quarterly basis of 40.02%. The sector contributed 29.67% to total GDP in real terms in the third quarter of 2022, a contribution lower than that of the third quarter of 2021 and higher than that of the second quarter of 2022, which stood at 29.94%. and 23.24%, respectively.

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They added that four sub-activities make up the agricultural sector: agricultural production, livestock, forestry and fishing.

  • “The sector grew 20.07% year-on-year in nominal terms in 3Q 2022, showing an increase of 12.13% points compared to the same quarter of 2021.
  • “Looking at the growth rate of the previous quarter of 13.83%, there was an increase of 6.24% points. Agricultural production continued to be the main engine of the sector. This is evident since it represents 91.98% of the general nominal growth of the sector in the third quarter of 2022”, the report said.

They added that quarter-on-quarter growth stood at 46.07% in the third quarter of 2022, as agriculture contributed 27.55% to nominal GDP in the third quarter of 2022.

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The BNE indicated that the figure is higher than the rate registered for the third quarter of 2021 and higher than that of the second quarter of 2022, which registered 26.57% and 21.90% respectively.

For the record: Nairametrics reported in August that Nigerian agricultural sector grew by 1.20% (yoy) in real terms for the second quarter of 2022, a decrease of 1.96% points from the previous quarter which registered a growth rate of 3.16% and also a decrease of 0.10 % points compared to the corresponding period of 2021.

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