Agriculture sector grows by 1.20% in Q1 of this year- NBS

Nigeria’s Agriculture sector grew by 1.20% (year-on-year) in real terms for the second quarter of 2022, a decrease of 1.96% points from the preceding quarter which recorded a growth rate of 3.16% and also a decrease of 0.10% points from the corresponding period of 2021.

This was disclosed in the Q2 2022 GDP report released by the National Bureau of Statistics (NBS) on Thursday. The report said that Nigeria’s Gross Domestic Product (GDP)  grew by 3.54% (year-on-year) in real terms in the second quarter of 2022, showing an increase of 0.44% points relative to 3.11% in Q1 2022.

The sector grew by 13.83% year-on-year in nominal terms in Q2 2022, showing an increase of 7.47% points from the same quarter of 2021.

The sector in the second quarter of 2022 grew by 1.20% (year-on-year) in real terms, a decrease of 0.10% points from the corresponding period of 2021.

The sector contributed 23.24% to overall GDP in real terms in Q2 2022, lower than the contribution in the second quarter of 2021and higher than the first quarter of 2022 which stood at 23.78% and 22.36% respectively.

The four sub-activities which make up the Agricultural sector include; Crop Production, Livestock, Forestry and