Nigeria’s GDP growth fell to 3.10% in 2022 –NBS

Nigeria’s Gross Domestic Product, GDP, growth fell to 3.10 per cent in 2022 from 3.40 per cent in 2021, according to new GDP results from the National Bureau of Statistics, NBS.

It stated that growth in the economy’s agriculture and industry sectors dropped in 2022, while the performance of the service sector grew in the year under review.

In the fourth quarter of 2022, GDP increased by 3.52 per cent yearly in real terms.

The data explained that the growth was triggered by the services sector, which recorded an increase of 5.69 per cent and contributed 56.27 per cent to aggregate GDP.

“Nigeria’s GDP grew by 3.52 per cent yearly in real terms in the fourth quarter of 2022, following a growth of 2.25 per cent in the third quarter of 2022 and 3.98 per cent in the fourth quarter of 2021,” the report said.

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