Nigeria’s agriculture sector grew by 1.34% (year-on-year) in real terms in the 3rd quarter of 2022.
This was disclosed in the Q3 GDP report by the National Bureau of Statistics on Thursday afternoon.
The numbers: This is an increase of 0.14% points from the preceding quarter, which recorded a growth rate of 1.20% as Nigeria’s gross domestic product (GDP) grew by 2.25% year-on-year in Q3 2022, marking the slowest growth since the Covid-19 pandemic.
The NBS noted that Nigeria’s agricultural sector in the third quarter of 2022 grew by 1.34% (year-on-year) in real terms, an increase of 0.12% points from the corresponding period of 2021, and an increase of 0.14% points from the preceding quarter which recorded a growth rate of 1.20%.
It grew on a quarter-on-quarter basis at 40.02%. The sector contributed 29.67% to overall GDP in real terms in Q3 2022, lower than the contribution in the third quarter of 2021 and higher than the second quarter of 2022 which stood at 29.94% and 23.24% respectively.
They added that four sub-activities make up the Agricultural sector: crop production, livestock, forestry, and fishing.
- “The sector grew by 20.07% year-on-year in nominal terms in Q3 2022, showing an increase of 12.13% points from the same quarter of 2021.
- “Looking at the preceding quarter’s growth rate of 13.83%, there was an increase of 6.24% points. Crop production remained the major driver of the sector. This is evident as it accounts for 91.98% of the overall nominal growth of the sector in the third quarter of 2022,” the report said.
They added that Quarter-on-Quarter growth stood at 46.07% in the third quarter of 2022 as Agriculture contributed 27.55% to nominal GDP in the third quarter of 2022.
The NBS noted that the figure is higher than the rate recorded for the third quarter of 2021 and higher than the second quarter of 2022, which recorded 26.57% and 21.90% respectively.
For the record: Nairametrics reported in August that Nigeria’s Agriculture sector grew by 1.20% (year-on-year) in real terms for the second quarter of 2022, a decrease of 1.96% points from the preceding quarter which recorded a growth rate of 3.16% and also a decrease of 0.10% points from the corresponding period of 2021.