According to the NBS's GDP report, published on Wednesday, the performance of industry and agriculture declined in 2022 compared to 2021. The research did point out that Nigeria's GDP increased by 3.52% in the fourth quarter (Q4) of 2022, driven by the service sector. Overall, the annual GDP growth rate in 2022 stood at 3.10%, from the 3.40% 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.” the NBS’s report reads in part. On a quarter-on-quarter [basis], the oil sector recorded a growth rate of -14.93 percent in Q4 2022.

Source: Daily Nation February 24, 2023 17:21 UTC