Nigeria agriculture’s contribution to GDP rises despite economic decline

Admin 25-Aug-2020 Nigeria_News, Business

The agricultural sector contributed 24.6 per cent of the GDP in the second quarter of 2020, doing better than the previous quarter and the same quarter last year, a report by the National Bureau of Statistics said on Monday.

Details of the Gross Domestic Product Report for Q2, said there was a decline as a result of the shrinking in economic activities.

The GDP is the monetary value of goods and services made in the country.

“The sector contributed 24.65 per cent to aggregate real GDP in Q2 2020, higher than the contributions in the second quarter of 2019 and the first quarter of 2020 which stood at 22.78 per cent and 21.96 per cent respectively.

“The sector grew by 19.90 per cent year-on-year in nominal terms in Q2 2020, showing an increase of 2.14 per cent points from the same quarter of 2019. The contribution is higher than 19.39 per cent recorded in Q2 2019 but lower than 22.47 per cent of Q1 2020,” the report said.

Against the background, of the preceding quarter’s growth rate of 22.47 per cent, this quarter’s growth rate represented a decline of –2.57 per cent points.

If inflation is included, that is nominal terms, agriculture contributed 23.9 per cent in the second quarter of 2020

In real terms, the agricultural sector grew by 1.58 per cent between 2019 and 2020 of the same quarter.

The report also said, when compared to the first quarter, the sector grew at 6.57 per cent.

The bureau said crop production remained the major growth driver of the sector, as it accounted for 87.34 per cent of nominal GDP in the sector in Q2 2020.

Four sub-activities make up the agricultural sector namely crop production, livestock, forestry and fishing.

According to the data, the crop production sector grew by 1.44 per cent in Q2 2020 from 2.38 [er cent in Q1 2020 and 1.94 per cent in Q2 2019.

Similarly, livestock under the agriculture sector grew by 2.26 per cent in Q2 2020 from 0.63 per cent in Q1 2020 and – 0.01 per cent in Q2 2019 , while forestry under agriculture sector grew by 1.08 per cent in Q2 2020 from 1.71 per cent in Q1 2020 and 3.23 per cent in Q2 2019

Fishing under the agriculture sector grew by 5.68% in Q2 2020 from 1.49 per cent in Q1 2020 and 1.09 cent in Q2 2019.

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