Nigeria’s economy grew significantly in the fourth quarter of 2022 as its gross domestic product increased by 3.52 percent, according to the National Bureau of Statistics (NBS).
The figure represents a growth of 1.27 percentage point compared to the third quarter of 2022 which stood at 2.25 percent.
The NBS GDP report revealed that the 2022 growth is attributed mainly to the service sector.
The bureau said the service sector improved by 5.69 percent and contributed 56.27 percent to the country’s GDP, while the agriculture sector underperformed, due to the flooding that rocked the nation last year.
However, NBS said the annual GDP growth rate in 2022 fell to 3.10 percent from the 3.40 percent reported in 2021.