GDP: Nigeria’s agriculture sector grew by 1.34% in Q3 2022

GDP: Nigeria’s agriculture sector grew by 1.34% in Q3 2022

Nigeria’s agriculture sector grew by 1.34% (year-on-year) in real terms in the 3rd quarter of 2022.

This was disclosed in the Q3 GDP report by the National Bureau of Statistics on Thursday afternoon.

The numbers: This is an increase of 0.14% points from the preceding quarter, which recorded a growth rate of 1.20% as Nigeria’s gross domestic product (GDP) grew by 2.25% year-on-year in Q3 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% (year-on-year) in real terms, an increase of 0.12% points from the corresponding period of 2021, and an increase of 0.14% points from the preceding quarter which recorded a growth rate of 1.20%.

It grew on a quarter-on-quarter basis at 40.02%. The sector contributed 29.67% to overall GDP in real terms in Q3 2022, lower than the contribution in the third quarter of 2021 and higher than 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: crop production, livestock, forestry, and fishing.

“The sector grew by 20.07% year-on-year in nominal terms in Q3 2022, showing an increase of 12.13% points from the same quarter of 2021.
“Looking at the preceding quarter’s growth rate of 13.83%, there was an increase of 6.24% points. Crop production remained the major driver of the sector. This is evident as it accounts for 91.98% of the overall 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 NBS noted that the figure is higher than the rate recorded for the third quarter of 2021 and higher than the second quarter of 2022, which recorded 26.57% and 21.90% respectively.

For the record: Nairametrics reported in August that Nigeria’s Agriculture sector grew by 1.20% (year-on-year) in real terms for the second quarter of 2022, a decrease of 1.96% points from the preceding quarter which recorded a growth rate of 3.16% and also a decrease of 0.10% points from the corresponding period of 2021.

 

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Source: Nairametrics

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