Nigeria’s GDP Slowed to 3.10% in 2022, Grew 3.52% in Q4

•Growth led by non-oil sector at 95.66%, oil 4.34%, services 56.27% 

•Oil production improved to 1.34mbpd

James Emejo in Abuja
 

Nigeria’s annual Gross Domestic Product (GDP) growth rate slowed to 3.10 per cent in 2022, compared to 3.40 per cent in 2021, the National Bureau of Statistics (NBS) disclosed yesterday.

However, the economy grew by 3.52 per cent (year-on-year) in real terms in the fourth quarter of 2022 (Q4 2022), compared to 2.25 per cent in the preceding quarter, the NBS stated.

According to the GDP Report for Q4 2022, which was posted on the NBS website yesterday, aggregate GDP stood at N56.76 trillion compared to N49.28 trillion in Q4 2021, indicating a year-on-year nominal growth of 15.18 per cent.

Real GDP stood at N21.04 trillion in Q4 2022.

The economy was largely driven by the non-oil sector which accounted for 95.66 per cent of growth while the oil sector contributed 4.34 per cent.

The average daily oil production increased to 1.34 million barrels per day (mbpd), in the quarter under review compared to 1.20 mbpd in the preceding quarter but lower than the 1.50mbpd recorded in the same quarter of 2021.

According to the statistical agency, GDP performance in Q4 was driven mainly by the services sector which contributed 56.27 per cent to growth.

Agriculture contributed 24.90 per cent to nominal GDP in Q4, but lower than 27.55 per cent recorded in the preceding. Overall, in real terms, the sector contributed 24.05 per cent in 2022.

The NBS pointed out that agriculture 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 per cent.

The sector thus recorded -0.94 per cent growth and contributed less to the aggregate GDP relative to the third quarter of 2022 and the fourth quarter of 2021.

Manufacturing contributed 8.40 per cent to real GDP lower than 8.59 per cent in Q3 and 8.46 per cent in the corresponding quarter.

Trade’s contribution to nominal GDP stood at 13.20 per cent in Q4, higher than 12.45 per cent in the preceding quarter.

 Furthermore, the information and communication sector contributed 16.22 per cent to growth in Q4, higher than 15.35 per cent in the preceding quarter and 15.21 per cent in Q4 2021. The sector contributed 16.51 per cent to GDP in 2022, higher than the 15.51 per cent reported last year.