VAT: Agriculture, Forestry, Fishing Sectors report decline (Q1, 2022) – NBS

The latest report by the National Bureau of Statistics (NBS) has shown that the agriculture, forestry, and fishing sectors declined in Value-Added Tax (VAT) by 31.04 percent quarter-on-quarter (QoQ) to N827.58 million in the first quarter of 2022 (Q1 2022).

According to the NBS, the VAT generated in the first quarter of 2022 was N588.59 billion, indicating a growth of 18.58 percent year-on-year from N496.39 billion in Q1 2021.

Meanwhile,  the agricultural sector contributed 22.36 percent to overall Gross Domestic Product (GDP) of Nigeria in real terms in Q1 2022, higher than the contribution of 22.35 percent in the same period of 2021 and lower than 26.84 percent in Q4 2021.

Speaking on the report, an agriculturalist and former Chairman of the Agriculture and Non-Oil Sector Group at Lagos Chamber of Commerce and Industry, Wale Oyekoya, attributed this development to insecurity issues currently plaguing the agriculture sector in Nigeria.

“Insecurity in the country keeps farmers away from accessing their farms since a hostile environment would also affect the yield during production, as farmers won’t be able to manage their farms properly the way they ought to,” he said.

Source: Agro Nigeria