According to the National Bureau of Statistics (NBS), Nigeria’s gross domestic product increased by 3.52 percent.
This implies a growth in the economy in the fourth quarter (Q4) of 2022.
The figure represents a growth of 1.27 percentage point compared to the third quarter (Q3) of 2022 which stood at 2.25 percent.
According to the NBS GDP report the 2022 growth is attributed mainly to the service sector.
The NBS stated that growth in the agriculture and industry sector of the economy reduced in 2022 due to the floods during the rainy season.
In its Nigerian Gross Domestic Product Report Q4 2022, the NBS said, “Nigeria’s GDP grew by 3.52 per cent (year-on-year) in real terms in the fourth quarter of 2022, following a growth of 2.25 per cent in the third quarter of 2022 and 3.98 per cent 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 per cent and contributed 56.27 per cent to the aggregate GDP.”
