According to the Entrepreneurng report, the new Gross domestic product figures from the National Bureau of Statistics, Nigeria’s Gross domestic product growth rate fell to 3.10 percent in 2022 from 3.40 percent in 2021.
According to the NBS, growth in the agriculture and industry sectors of the economy was slow in 2022, while the performance of the service sector will improve.
Read Also: Fresh Update: APC Governors Not In Support Of The New Naira Redesign
Gross domestic product increased by 3.52 percent (year on year) in the fourth quarter of 2022. This expansion was driven by the services sector, which increased by 5.69 percent and contributed 56.27 percent to the total gross domestic product.
According to the NBS’s Nigerian Gross Domestic Product Report in the fourth quarterly in 2022, “Nigeria’s Gross domestic product grew by 3.52 percent (year on year) in real terms in the fourth quarter of 2022, following growth of 2.25 percent in the third quarter of 2022 and 3.98 percent in the fourth quarter of 2021.”
Read Also: Government And Public Reactions To Money Scarcity In Nigeria
“The performance of the Gross domestic product in the fourth quarter of 2022 was primarily driven by the services sector, which grew by 5.69% and contributed 56.27% to aggregate Gross domestic product.”
Because of flooding across the country, the agriculture sector grew by only 2.05 percent in the period under review, according to the national statistics body.
“Moreover, the Industry sector was yet challenged, recording -0.94 percent growth and contributing less to aggregate Gross domestic product relative to the third and fourth quarters of 2022 and 2021,” it added.
Read Also: How African governments can promote blockchain technology for cashless growth
Overall, the annual Gross domestic product growth rate in 2022 was 3.10 percent, down from 3.40 percent in 2021. As a result, agriculture and industry performed worse in 2022 than in 2021, while the services sector performed better.”
In nominal terms, the aggregate Gross domestic product for the fourth quarter of 2022 was N56.76 trillion, up from N49.28 trillion in the fourth quarter of 2022.
Conclusion
Nigeria amid a different economic crisis is yet to witness another fall in its gross domestic product in 2023 if proper measures are not put in place.
As it has been forecasted that there will be increased harshness in its climatic weather this year such as heavy rainfall.
This will lead to an increase in flooding. Nigeria Farmers should get prepared and put in place every possible mechanism to boost their productivity and eliminate the upcoming crisis that will be brought about by the climatic Factors in 2023.
If agricultural produce is improved in 2023, Nigeria’s gross domestic product will also increase.
Source: Punch
