News in brief: Nigeria’s Q2 2023 NBS report indicates that crop production drove an 11.42% nominal growth in the agriculture sector, contributing 21.07% to the country’s GDP. While this shows a slight decrease from the previous year, it signals a recovery from Q1 2023.
Findings contained in the latest quarterly report of Nigeriaâs National Bureau of Statistics (NBS), for Q2 2023, show that crop production accounted for a major part of the agriculture sector’s growth.
The country’s agriculture grew by 11.42% year-on-year in nominal terms, according to the statistics body. This figure, however, represented a 2.41% decrease in comparison with 2022âs numbers for the same quarter.
Overall, the sector contributed 21.07% of Nigeria’s nominal gross domestic product (GDP) for the second quarter of 2023. The sector’s contribution dropped slightly from the 21.90% contribution it made a year earlier. It is, however, higher than the figure for the first quarter of 2023, which was 19.63%, showing recovery.
In real terms, agriculture contributed 23.01% to Nigeria’s GDP, which is also lower than the 23.24% it recorded the preceding year but higher than Q1 2023, at 21.66%. According to the NBS report, the sector grew by 6.19 points, given the first quarter’s growth rate of 5.24%. It had a quarter-on-quarter growth of 9.15%.
Crop production was the major driver of the sector, contributing about 88.06% of its value. Also, the activity was responsible for 20.66% of Nigeriaâs real GDP for the period under review.
Nigeriaâs GDP grew by 2.51% (year-on-year) in real terms in the second quarter of 2023. It is a lower growth rate than the 3.54% recorded in the second quarter of 2022. The statistics body suggests that this may be because of the challenging economic conditions being experienced. The Industry sector contributed less to the GDP in Q2 2023 than it did in Q2 the services sector held strong, recording a growth of 4.42% and contributing 58.42% to the aggregate GDP.
Nigeria’s nominal aggregate GDP stood at â¦52.1 trillion (or $67.5 million) in the second quarter of 2023. This figure is 15.77% higher than the aggregate GDP in 2022’s corresponding quarter. However, it is important to note that this is in nominal terms i.e. using current market prices and not considering inflation.
Conversion rate: $1/â¦771.49.
