The National Bureau of Statistics in its latest release said that the GDP decline follows lower performance of the agricultural sector occasioned by the impact of severe incidences of flood experienced across the country.
The improved GDP growth in the fourth quarter of 2022 was driven mainly by the Services sector, which recorded a growth of 5.69 per cent and contributed 56.27 per cent to the aggregate GDP. “Overall, the annual GDP growth rate in 2022 stood at 3.10 per cent, from the 3.40 per cent 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. In the quarter under review, aggregate GDP stood at N56,757,889.95 million in nominal terms. This performance is higher when compared to the fourth quarter of 2021 which recorded aggregate GDP of N49,276,018.