The National Bureau of Statistics (NBS), Nigeria’s national statistical system coordinating agency, has reported that the nation’s gross domestic product (GDP) grew by 3.54% year-on-year in real terms in the second quarter of 2022.
According to the ‘Nigerian Gross Domestic Product Report Q2 2022’ published by the Bureau on Friday, Q2 growth rate represented an improvement over the 3.11% growth recorded in the first quarter of the year.
However, when analyzed on year-on-year basis, the Q2, 2022 GDP growth rate decreased by 1.47% points from 5.01% growth rate recorded in Q2 2021.
The NBS reported that in nominal terms, aggregate GDP stood at N45.00 trillion in the second quarter of 2022 and that the Q2 2022 performance was higher when compared to the second quarter of 2021, which recorded N39.12 trillion, indicating a year-on-year nominal growth rate of 15.03%.
The agency further stated that the nominal GDP in the preceding quarter of Q1 2022 stood at N45.32 trillion.
It further clarified: “In terms of real GDP, the second quarter of 2022 was recorded at N17.29 trillion, higher by N591.22 billion than the N16.69 trillion recorded in the second quarter of 2021 and lower by N63.50 billion when compared to the first quarter of 2022 when the aggregate real GDP was N17.35 trillion.
The GDP data also showed that oil sector dipped by 11.77% year-on-year in Q2 2022, compared to a contraction of 26.04% recorded in the corresponding quarter of last year.
The report further reflected that the non-oil sector grew by 4.77% in real terms during the quarter under review but the rate was lower by 1.97% points compared to the rate recorded same quarter of 2021 and 1.31% points lower than the first quarter of this year.
The NBS attributed the non-oil sector’s growth in Q2 2022 mainly to performances in Information and Communication (Telecommunication); Trade; Financial and Insurance (Financial Institutions); Transportation (Road Transport); Agriculture (Crop Production) and Manufacturing (Food, Beverage & Tobacco), accounting for positive GDP growth.
The agency further clarified that in real terms, the non-oil sector contributed 93.67% to the nation’s GDP in the second quarter of 2022, higher than the share recorded in the second quarter of 2021 which was 92.58% and higher than the first quarter of 2022 recorded as 93.37%.
On the non-oil sector’s broad performance in the quarter under review, the Bureau stated: “On the broad sectoral performance, Agriculture grew by 1.20% during the second quarter of 2022 in real terms, lower than the second quarter of 2021 which recorded 1.30%.
“The industry, grew by -2.30%, which is a decline over the figure recorded in the second quarter of 2021 when it recorded a growth of -1.23%. The Services sector grew by 6.70%, from 9.27% reported in the second quarter of 2021.
“Agriculture, Industry, and Services contributed 23.24%, 19.40%, and 57.35% respectively to GDP in the reference period. This shows a higher contribution of Services in the second quarter of 2022 compared to the second quarter of 2021”, the agency added.
