Nigeria’s economy grows by 3.52% in Q4

Nigeria’s economy grew in the fourth quarter of last year at a faster pace compared to the previous quarter, official data released on Wednesday shows.

Africa’s biggest economy saw its Gross Domestic Product (GDP) grow by 3.52 percent (year-on-year) in real terms in Q4 2022, down from 2.25 percent in Q3 and 3.98 percent in the same period last year, according to the National Bureau of Statistics (NBS).

According to the report, the economy slowed to 3.10 percent in full year 2022 from 3.40 percent in 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 percent and contributed 56.27 percent to the aggregate GDP,” the report said said.

It said although the Agriculture sector grew by 2.05 percent 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 percent.

Details later…