Nigeria’s Economy Grows 3.54% in Q2 2022 Amid Inflationary Pressures
By Adedapo Adesanya
Nigeria’s Gross Domestic Product (GDP) grew by 3.54 per cent in the second quarter of 2022 on a year-on-year basis, lower than the 5.01 per cent reported in the same period of last year but higher than the 3.11 per cent achieved in the first quarter of this year.
This information was contained in a statement issued by the Statistician-General of the Federation and Chief Executive Officer, National Bureau of Statistics (NBS), Mr Semiu Adeniran, on the Nigerian Gross Domestic Product Report Q2, 2022 in Abuja on Friday.
He said in nominal terms, aggregate GDP stood at N45 trillion in the second quarter of 2022, noting that the recent rising prices have adversely impacted the second quarter of 2022 performance..
According to him, this performance is 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 per cent.
He said the nominal GDP in the preceding quarter of Q1 2022 stood at N45.32 trillion.
Mr Adeniran said that in terms of real GDP, the second quarter of 2022 recorded N17.29 trillion.
“This is higher by N591.22 billion than the N16.69 trillion recorded in the second quarter of 2021.
“It is lower by N63.50 billion when compared to the first quarter of 2022 when the aggregate real GDP was N17.35 trillion.’’
Giving a breakdown of the report by sector, Mr Adeniran said the crude oil production in the second quarter of 2022 recorded an average daily oil production of 1.43 million barrels per day.
He said this was lower than the daily average production of 1.61 million barrels per day recorded in the same quarter of 2021 by 0.18 million barrels per day.
“This is also lower than the first quarter of 2022 production volume of 1.49mbpd by 0.06mbpd.
“Resultantly, the oil GDP grew by -11.77 per cent in Q2 2022 and accounted for 6.33 per cent of total output during the reference quarter.’’
The statistician-general said that the poor performance of the sector was occasioned by operational challenges such as vandalism of pipelines and oil theft.
He said the non-oil sector grew by 4.77 per cent in real terms during the reference quarter (Q2 2022).
Mr Adeniran said the sector in the second quarter of 2022 was mainly driven by activities in the Information and Communication (telecommunication) sector, Trade, Financial, and Insurance sectors.
“Others are the Transportation (road transport), Agriculture (crop production) and Manufacturing (food, beverage, and tobacco) sector, all accounting for positive GDP growth.’’
Adeniran said in real terms, the non-oil sector contributed 93.67 per cent to the nation’s GDP in the second quarter of 2022.
He said this was higher than the share recorded in the second quarter of 2021 which was 928 per cent and higher than the first quarter of 2022 at 93.37 per cent.
On the broad sectoral performance, Adeniran said agriculture grew by 1.20 per cent during the second quarter of 2022 in real terms.
He said this was lower than the second quarter of 2021 which recorded 1.30 per cent.
“The industry grew by 2.30 per cent, which is a decline over the figure recorded in the second quarter of 2021 when it recorded a growth of -1.23 per cent.’’
The statistician-general said the services sector grew by 6.70 per cent, from 9.27 per cent reported in the second quarter of 2021.
Mr Adeniran said agriculture, industry, and services contributed 23.24 per cent, 19.40 per cent, and 57.35 per cent, respectively to GDP in the reference period.
According to him, this shows a higher contribution of services in the second quarter of 2022 compared to the second quarter of 2021.