The National Bureau of Statistics (NBS) says crops production remained the major driver of the agricultral sector of the Nigerian economy.
” This is evident as it accounts for 90.03% of the overall nominal value of the sector in the fourth quarter of2023. Quarter-on-quarter growth stood at 1.62% in the fourth quarter of 2023,” said NBS in its GDP Q4 2023 reports.
The report said that four sub-activities make up the Agricultural sector: Crop Production, Livestock, Forestry and Fishing. The sector grew by 14.94% year-on-year in nominal terms in Q4 2023.
This shows a decrease of 3.74% points from the same quarter of 2022. Looking at the preceding quarter’s growth rate of 11.06%, there was an increase of 3.88% points. Crop Production remained the major driver of the sector.
This is evident as it accounts for 90.03% of the overall nominal value of the sector in the fourth quarter of2023. Agricultural sector contributed 24.65% to nominal GDP in the fourth quarter of 2023.
This figure was lower than the rate recorded in the fourth quarter of 2022 and lower than the third quarter of 2023 which recorded 24.90% and 26.36% respectively.
The agricultural sector in the fourth quarter of 2023 grew by 2.10% (year-on-year) in real terms, an increase of 0.06% points from the corresponding period of 2022, and an increase of 0.81% points from the preceding quarter which recorded a growth rate of 1.30%. It grew on a quarter-on-quarter basis at -0.22%.
On an annual basis, the agriculture sector grew by 1.13% in 2023, down from 1.88% in 2022.
However, the sector contributed 26.11% to overall GDP in real terms in Q4 2023, lower than the contribution in the fourth quarter of 2022 and lower than the third quarter of 2023 which stood at 26.46% and 29.31% respectively.
The sector grew by 14.94% year-on-year in nominal terms in Q4 2023.
This shows a decrease of 3.74% points from the same quarter of 2022.”