FRI, 26 AUG, 2022-theGBJournal| Nigeria’s Gross Domestic Product (GDP) grew by 3.54% year-on-year, in real terms in the second quarter of 2022, reflecting an increase of 0.44% points relative to 3.11% recorded in in Q1 2022, according to the National Bureau of Statistics (NBS) GDP Q2-2022 report published today.
However, quarter-on-quarter, real GDP grew at -0.37% in Q2 2022, reflecting lower economic activity in Q2 2022 than in the preceding quarter.
In the quarter under review, aggregate GDP stood at N45,004,520.89 million in nominal terms. This performance is higher when compared to the second quarter of 2021 which recorded aggregate GDP of N39,123,713.32 million, indicating a year-on-year nominal growth rate of 15.03%.
According to the NBS report, the nominal GDP growth rate in Q2 2022 was higher relative to the 14.99% growth recorded in the second quarter of 2021 and higher compared to the 13.25% growth recorded in the preceding quarter.
Meanwhile, in Q2- 2022, Nigeria recorded an average daily oil production of 1.43 million barrels per day (mbpd), lower than the daily average production of 1.61mbpd recorded in the same quarter of 2021 by 0.18 mbpd and lower than the first quarter 2022 production volume of 1.49 mbpd by 0.06mbpd.
Real growth of the oil sector was –11.77% (year-on-year) in Q2 2022 indicating an increase of 0.89% points relative to the rate recorded in the corresponding quarter of 2021. Growth increased by 14.27% points when compared to Q1 2022 which was –26.04%. Quarter-on-Quarter, the oil sector recorded a growth rate of -4.97% in Q2 2022.
The Oil sector contributed 6.33% to the total real GDP in Q2 2022, down from the figures recorded in the corresponding period of 2021 and the preceding quarter, where it contributed 7.42% and 6.63% respectively.
On the other hand, the non-oil sector grew by 4.77% in real terms during the reference quarter (Q2 2022), 1.97% points lower when compared to the rate recorded in same quarter of 2021 and 1.31% points lower than the first quarter of 2022.
This sector was driven in the second quarter of 2022 mainly by 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.
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%.
Agriculture sector quarter-on-quarter growth stood at 3.09% in the second quarter of 2022. The sector contributed 21.90% to nominal GDP in the second quarter of 2022.
This figure was lower than the rate recorded for the second quarter of 2021 and higher than the first quarter of 2022 which recorded 22.13% and 21.09% respectively.
While the Real GDP growth in the manufacturing sector in the second quarter of 2022 was 3.00% (year-on-year), lower than the same quarter of 2021 and lower than the preceding quarter by 0.48% points and 2.89% points respectively.
The Growth rate of the sector on a quarter-on-quarter basis stood at -15.47%. Real contribution to GDP in 2022 second quarter was 8.65%, lower than the 8.69% recorded in the second quarter of 2021 and lower than the 10.20% recorded in the first quarter of 2022.
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