After years of decline, fragile and snail growth, the nation’s economy has started picking up with the Gross Domestic Product (GDP) growth stood at 3.54% in the second quarter of 2022 on a year-on-year basis.
This was disclosed by the Statistician-General of the Federation and Chief Executive Officer of the National Bureau of Statistics, Prince Semiu Adeyemi Adeniran in a statement on Friday, 26, 2022 in Abuja.
Prince Adeniran said, in nominal terms, aggregate GDP stood at N45.00 trillion in the second quarter of 2022. 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%. The nominal Gross Domestic Product in the preceding quarter of Q1 2022 stood at N45.32 trillion.
The NBS boss said, 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.
He said, the Crude oil production in the second quarter of 2022 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 0.18mbpd, and lower than the first quarter of 2022 production volume of 1.49mbpd by 0.06mbpd.
“Resultantly, the Oil GDP grew by -11.77% in Q2 2022 and accounted for 6.33% of total output during the reference quarter. The poor performance of the sector was occasioned by operational challenges such as vandalism of pipelines and oil theft”, he said.
The CEO said, the non-oil sector grew by 4.77% in real terms during the reference quarter (Q2 2022). This sector in the second quarter of 2022 was mainly driven by activities in the Information and Communication (Telecommunication) sector; Trade; Financial and Insurance (Financial Institutions); Transportation (Road Transport); Agriculture (Crop Production) and Manufacturing (Food, Beverage & Tobacco), all 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 at 93.37%”, he said.
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”, he said.