The National Bureau of Statistics (NBS) said on Friday that Nigeria’s Gross Domestic Product (GDP) rose by 3.52 percent in the fourth quarter of last year.

The NBS stated this in the Nigerian Gross Domestic Product Report Q4 2022 released in Abuja.

This, according to the report, followed GDP growth of 2.25 percent and 3.98 percent recorded in the third and fourth quarters of 2021 respectively.

The NBS the GDP performance in the fourth quarter of 2022 was driven mainly by the services sector, which recorded a growth of 5.69 percent and contributed 56.27 percent to the aggregate GDP.

The agency said: “Although the agriculture sector grew by 2.05 percent in the fourth quarter, its performance was significantly hampered by severe incidences of flood experienced across the country.

“This accounted for lesser growth relative to the fourth quarter of 2021 which was 3.58 percent.

“The Industry sector was also challenged recording -0.94 percent growth and contributing less to the aggregate GDP relative to Q3 2022 and Q4 2021.

“Overall, the annual GDP growth rate in 2022 stood at 3.10 percent from the 3.40 percent reported in 2021.

“Thus, the performance of agriculture and industry reduced in 2022 relative to 2021, while the performance of the services sector improved in 2022.

“In Q4 of 2022, aggregate GDP stood at N56, 757,889.95 million in nominal terms

“This performance is higher when compared to the fourth quarter of 2021 which recorded aggregate GDP of N49,276,018.23 million, indicating a year-on-year nominal growth of 15.18 percent.’’

By Ripples Nigeria