The Nigerian agricultural sector grew by 3.58% (year-on-year) in the 4th quarter of 2021, an increase of 2.36% from the previous quarter which recorded a growth rate of 1.22%.
The sector contributed 26.84% to the overall GDP in real terms in the fourth quarter of 2021, less than the contribution of the fourth quarter of 2020 and less than the third quarter of 2021 which amounted to 26.95% and 29 respectively. .94%
This was revealed in the fourth quarter 2021 GDP report released by the National Bureau of Statistics (NBS) on Thursday. The report states that Nigeria’s gross domestic product (GDP) grew by 3.98% (year-on-year) in real terms in the fourth quarter of 2021.
The BNS revealed that four sub-activities make up the agricultural sector: crop production, livestock, forestry and fishing, adding that the agricultural sector in the fourth quarter of 2021 increased by 3.58% (year-on-year) in in real terms, an increase of 0.16% points compared to the corresponding period of 2020, and an increase of 2.36% points compared to the previous quarter which recorded a growth rate of 1.22%.
- It rose quarter over quarter to -1.69%. Nevertheless, an annual growth of 2.13% was recorded in 2021.
- The sector grew by 12.86% year-on-year in nominal terms in the fourth quarter of 2021, posting a decline of 1.17% compared to the same quarter of 2020. Considering the growth rate from the previous quarter of 7.95%, there was an increase of 4.92%. points.
- Crop production remained the sector’s main driver. This is evident as it accounts for 91.23% of the sector’s overall nominal growth in the fourth quarter of 2021.
- Quarterly growth stood at -0.65% in Q4 2021, while annual growth was 10.43% in 2021. Agriculture contributed 24.17% to nominal GDP in Q4 2021. This figure was lower than the rate recorded in the fourth quarter. of 2020 and lower than the third quarter of 2021 which recorded 24.23% and 26.57% respectively.
Nairametrics also reported that Nigeria’s gross domestic product (GDP) grew by 3.98% year-on-year in real terms in the fourth quarter of 2021, indicating sustained positive growth for the fifth quarter since the recession seen in 2020.