Recent report has shown that agriculture and information and communication technology helped Nigeria’s GDP grow by 2.25 percent in the third quarter of 2022.
The National Bureau of Statistics disclosed on Thursday that while output decreased on average to 1.2 million barrels per day, oil revenue fell to 4.2%.
This indicates that the non-oil sector, which made up 94.34% of the economy, is still a major contributor.
Recall that the Minister of State for Budget and National Planning, Clem Agba, said that since oil is no longer a source of money for the government, the Nigerian economy now depends on income from other sectors.
Although illegal pipelines were found and a security agreement was signed with the Oweizide Ekpemupolo, aka Tompolo, a former insurgent commander, the country has not yet met its OPEC quota, as seen by the decline in oil production.
The GDP fell from 4.03% in the third quarter of 2021, according to NBS.
The recession and the difficult economic circumstances that have constrained productive activities were cited as the causes of the weak growth.
The NBS report read: “The Q3 2022 growth rate decreased by 1.78 per cent points from the 4.03% growth rate recorded in Q3 2021 and decreased by 1.29% points relative to 3.54% in Q2 2022.”
According to the report, however, the real GDP grew at 9.68 per cent when compared to the second quarter of 2022, “Reflecting a higher economic activity in Q3 2022 than the preceding quarter.
“In the quarter under review, aggregate GDP stood at N52, 255,809.62 in nominal terms. This performance is higher when compared to the third quarter of 2021 which recorded aggregate GDP of N45, 113,448.06, indicating a year-on-year nominal growth rate of 15.83 per cent,” it added.
Meanwhile, agriculture contributed 29.67 per cent in real terms with crop production being the major driver of the sector, while industries and services contributed 18.37 per cent and 51.96 per cent respectively.
