Nigeria’s agricultural sector records 3.16% growth (Q1, 2022) – NBS

The latest report by the National Bureau of Statistics (NBS) has shown that Nigeria’s agricultural sector grew by 3.16% (year-on-year) in real terms in the first quarter (Q1) of 2022.

Nigeria’s agriculture sector grew by 3.16% (year-on-year) in real terms in the first quarter (Q1) of 2022, the Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS) has revealed.

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However, the Gross Domestic Product (GDP) report showed a decrease of 0.42% from the preceding quarter, which recorded a growth rate of 3.58%.

According to the report, the sector grew by 11.55% year-on-year in nominal terms in Q1 2022, showing a fall of 3.59% points from the same quarter of 2021 and contributed 22.36% to overall GDP in real terms in Q1 2022. This was higher than the contribution in the first quarter of 2021 and lower than the fourth quarter of 2021 which stood at 22.35% and 26.84% respectively.

It said Nigeria’s GDP grew by 3.11% (year-on-year) in real terms in the first quarter of 2022, indicating the sixth consecutive quarter of positive growth by the Nigerian economy.

The NBS listed four sub-activities that make up the agricultural sector to include Crop Production, Livestock, Forestry and Fishing.

“Crop Production remained the major driver of the sector. This is evident as it accounts for 92.05% of overall nominal growth of the sector in the first quarter of 2022.

“Quarter-on-Quarter growth stood at -19.75% in the first quarter of 2022,” the report read in part.

Remarking, the Statistician-General of the Federation and Chief Executive Officer of NBS, Mr. Semiu Adeyemi Adeniran, in a press statement noted that the non-oil sector grew by 6.08% in real terms in Q1 2022.

“This sector was mainly driven by activities in the Information and Communications (telecommunication); Trade; Finance and Insurance (financial institutions); Agriculture (crop production); and Manufacturing (food, beverage & tobacco), all accounting for positive GDP growth.

“Thus, the fastest-growing activities in real terms during the first quarter of 2022 were Rail Transport & Pipelines (124.54%); Air Transport (50.68%); Metal Ores (30.76%); Financial Institutions (25.43%); Telecommunications & Information Services (14.50%); Chemical and Pharmaceutical Products (10.33%); Food, Beverages, and Tobacco (9.81%), and Cement (9.57%).

“However, some of the slowest growing activities include oil refining (-44.26%); crude petroleum and natural gas (-26.04%); road transport (-24.63%); quarrying and other minerals (-13.72%); coal mining (-12.97%); electrical and electronics (-4.87%), etc.

“Agriculture, Industry, and Services contributed 22.36%, 21.47%, and 56.17%, respectively, to GDP in the reference period.

“This shows higher contributions of agriculture and services in the first quarter of 2022 compared to the first quarter of 2021, when it recorded 22.35% and 53.90%, respectively,” Adeniran added.

Source: Agro Nigeria