Article summary
- Nigeria’s agricultural sector experienced reduced growth in the first quarter of 2023, with the GDP growing by 2.31% in real terms, compared to 3.11% in the same period of 2022.
- The agricultural sector contributed 21.66% to overall GDP in Q1 2023, lower than its contribution in Q1 2022 and Q4 2022.
- Crop production remained the major driver of the agricultural sector, accounting for 86.85% of the overall nominal value in Q1 2023, but the sector saw a decrease in growth compared to the previous year.
Nigeria’s Agriculture sector saw reduced growth for the period, as Gross Domestic Product (GDP) grew by 2.31% (year-on-year) in real terms in the first quarter of 2023 as the growth rate declined from 3.11% recorded in the first quarter of 2022 and 3.52% in the fourth quarter of 2022.
This was disclosed by the National Bureau of Statistics on Wednesday in the first quarter report for 2023.
The sector contributed 21.66% to overall GDP in real terms in Q1 2023, lower than the contribution in the first quarter of 2022 and lower than the fourth quarter of 2022.
Reduced growth
The report stated that the agricultural sector in the first quarter of 2023 grew by -0.90% (year-on-year) in real terms, a decrease of 4.06% points from the corresponding period of 2022, and a decrease of 2.95% points from the preceding quarter which recorded a growth rate of 2.05%, adding:
- “It grew on a quarter-on-quarter basis at -30.95%.
- “However, the sector contributed 21.66% to overall GDP in real terms in Q1 2023, lower than the contribution in the first quarter of 2022 and lower than the fourth quarter of 2022 which stood at 22.36% and 26.46% respectively.
Sub activities
Four sub-activities make up the Agricultural sector: Crop Production, Livestock, Forestry, and Fishing. The sector grew by 5.24% year-on-year in nominal terms in Q1 2023, showing a decrease of 6.31% points from the same quarter of 2022.
- “Looking at the preceding quarter’s growth rate of 18.67%, there was a decrease of 13.44% points. Crop Production remained the major driver of the sector. This is evident as it accounts for 86.85% of the overall nominal value of the sector in the first quarter of 2023.
- “Quarter-on-quarter growth stood at -28.83% in the first quarter of 2023. Agriculture contributed 19.63% to nominal GDP in the first quarter of 2023. This figure was lower than the rate recorded in the first quarter of 2022 and lower than the fourth quarter of 2022 which recorded 21.09% and 24.90% respectively.”
What you should know
Nigeria’s Gross Domestic Product (GDP) grew by 2.31% year-on-year in real terms in the first quarter of 2023, indicating a 1.21% points lower than 3.52% recorded in the previous quarter and 0.8% lower compared to 3.11% recorded in the corresponding period of 2022.
The performance of the GDP in the first quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 4.35% and contributed 57.29% to the aggregate GDP.
The performance of the GDP in the first quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 4.35% and contributed 57.29% to the aggregate GDP. The agriculture sector grew by -0.90%, lower than the growth of 3.16% recorded in the first quarter of 2022. Although the growth of the industry sector improved to 0.31% relative to – 6.81% recorded in the first quarter of 2022, agriculture, and the industry sectors contributed less to the aggregate GDP in the quarter under review compared to the first quarter of 2022.
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