The National Bureau of Statistics (NBS) yesterday said Nigeria recorded yearly Gross Domestic Product (GDP) growth of 3.1 per cent last year, representing a 0.3 percentage point decline from the 3.4 per cent recorded in the year before.
The NBS stated this in its GDP report for the fourth quarter of last year.
However, the GDP growth in the fourth quarter of 2022, rose to 3.52 per cent from 2.25 per cent recorded in the third quarter (Q3) of last year.
According to the Bureau, the improved GDP growth in the Q4 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.
The report 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 percent 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.
“Although the Agriculture sector grew by 2.05 per cent in the reference period, its performance was significantly hampered by severe incidences of flood experienced across the country, accounting for lesser growth relative to the fourth quarter of 2021 which was 3.58 per cent.”