Economy
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.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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