Nigeria’s GDP growth drops to 3.10%

Latest report by the National Bureau of Statistics revealed that Nigeria’s annual GDP growth rate in 2022 stood at 3.10%, from the 3.40% reported in 2021.

According to the publication available on the website of National Bureau of Statistics, the commission stated thus:

“Nigeria’s Gross Domestic Product (GDP) grew by 3.52% (year-on-year) in real terms in the fourth quarter of 2022, following a growth of 2.25% in the third quarter of 2022 and 3.98% in the fourth quarter of 2021.

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%.

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.” 

Source:Nigeria’s GDP growth drops to 3.10% – StocksWatch (stocksng.com)

Related Posts

25

Aug
Business & Economy

Nigeria’s New Tax Reform Bills: Implications for the Economy and Capital Market

President Bola Tinubu has signed four (4) new Tax Reform Bills into law, comprising the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA), and the Joint Revenue Board Act (JRBA). The new laws are expected to take effect in 2026. The reforms aim to stimulate economic growth, boost government revenue, improve […]