Nigeria’s economy grew strongly in the fourth quarter (Q4) of 2022, according to the National Bureau of Statistics, with GDP expanding by 3.52 percent.
The figure is up 1.27 percentage points from the third quarter (Q3) of 2022, when it was 2.25 percent.
The service sector will account for the majority of 2022 growth, according to the NBS GDP report released on Wednesday.
The service sector expanded by 5.69 percent and contributed 56.27 percent to the country’s GDP, according to the statistics, while agriculture underperformed owing to last year’s flooding.
However, NBS said the annual GDP growth rate in 2022 fell to “3.10 percent from the 3.40 percent reported in 2021”.
“Although the agriculture sector grew by 2.05 percent in the reference period, its performance was significantly hampered by severe flooding across the country, accounting for lower growth relative to the fourth quarter of 2021, which was 3.58 percent,” the bureau said.
“Moreover, the industry sector was yet challenged, recording -0.94 percent growth and contributing less to the aggregate GDP relative to the third quarter of 2022 and the fourth quarter of 2021.