Nigeria’s Gross Domestic Product (GDP) had a 3.52% growth rate (year-on-year) in real terms for the fourth quarter of 2022. This followed 2.25% growth rate experienced in the third quarter of 2022 and 3.98% in the fourth quarter of 2021. Nigeria recorded annual Gross Domestic Product, GDP, growth rate of 3.1 per cent in 2022, representing a 0.3 percentage point decline from the 3.4 per cent recorded in 2021.
Oil inputs continue to plummet as have been evident relative to previous quarters in previous years. This trend continued for Q4 2022 with a decrease of 13.38% relative to 2021 where a decrease of 8.06% was experienced relative to Q4 2020.
The Basic Price, Market Price and Non-oil share however had positive contribution to the Q4 GDP.
Improved Q4 GDP was mainly influenced by the Service sector which recorded a growth of 5.69% and contributed 56.27% to the aggregate GDP. Agricultural and Industrial sector contributed to decline for Q4.
Although, the Agricultural sector grew by 2.05% in the reference period, expected performance was however cut short relative to that of Q4 2021. This was mainly driven by flooding across the country’s farmlands which truncated certain alms of the sector and overall general performance of the sector.
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 N49,276,018.23 million, indicating a year-on-year nominal growth of 15.18%.
Also, The GDP at the constant price of 2010(Real GDP) is 21,044,250.06 million. This is also relatively higher to the Q4 data of 2021 that was 21,044,250.06, representing a year-on-year real GDP growth rate of 3.52%.