Monday, December 6

GDP: Nigeria’s agriculture sector records growth of 1.22% in Q3 2021


Nigeria’s agricultural sector grew 1.22% (year-on-year) in real terms in the 3rd quarter of 2021.

This is a decrease of 0.17% points from the corresponding period of 2020, and a decrease of 0.08% points from the preceding quarter which recorded a growth rate of 1.30%. It grew on a quarter-on-quarter basis at 39.83%.

This was disclosed in the Q3 2021 GDP report released by the National Bureau of Statistics (NBS) on Thursday. The report said that Nigeria’s Gross Domestic Product (GDP) grew by 4.03% (year-on-year) in real terms in the third quarter of 2021.

What NBS said about the sector

  • The sector grew by 7.95% year-on-year in nominal terms in Q3 2021, showing a fall of 5.57% points from the same quarter of 2020
  • Crop Production remained the major driver of the sector. This is evident as it accounts for 87.32% of the overall nominal growth of the sector in the third quarter of 2021
  • Quarter on Quarter growth stood at 38.48% in the third quarter of 2021. Agriculture contributed 26.57% to nominal GDP in the third quarter of 2021.

The report added that Agriculture contributed 26.57% to nominal GDP in the third quarter of 2021, stating that the figure was lower than the rate recorded for the third quarter of 2020 and higher than the second quarter of 2021 which recorded 28.41% and 22.13% respectively.

They also revealed the sector contributed 29.94% to overall GDP in real terms in Q3 2021, lower than the contribution in the third quarter of 2020 and higher than the second quarter of 2021 which stood at 30.77% and 23.78% respectively.

What you should know

The 2020 Agric GDP had recorded a growth of 2.17% compared to 2.36% recorded in the previous year (2019), and also grew by 1.3% (year-on-year) in real terms in the second quarter of 2021



nairametrics.com

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