Nigeria’s gross domestic product (GDP) grew by 2.25 per cent year-on-year in the third quarter (Q3) of 2022, down from 3.54 per cent in the second quarter (Q2).
The National Bureau of Statistics (NBS) in its latest GDP report for the third quarter of 2022, attributed the slow growth to the base effects of the recession and the challenging economic conditions that have impeded productive activities.
On a year-on-year basis, NBS said the third quarter of 2022 growth rate decreased by 1.78 per cent points from the 4.03 per cent growth rate recorded in the corresponding quarter in 2021.
The report showed that quarter-on-quarter, real GDP grew at 9.68 per cent in Q3 2022, reflecting a higher economic activity in Q3 2022 than the preceding quarter.
Similarly, in the quarter under review, aggregate GDP stood at N52,255,809.62 million in nominal terms, a performance higher when compared to the third quarter of 2021, which recorded aggregate GDP of N45,113,448.06 million, indicating a year-on-year nominal growth rate of 15.83 per cent.
“The nominal GDP growth rate in Q3 2022 was higher relative to the 15.41 percent growth recorded in the third quarter of 2021 and higher compared to the 15.03 percent growth recorded in the preceding quarter,” ,” the report added.
It further showed that the non-oil sector grew by 4.27 per cent in real terms but was lower by 1.18 per cent points compared to the rate recorded same quarter of 2021 and 0.5 per cent points lower than the second quarter of 2022.
“This sector was driven in the third quarter of 2022 mainly by Information and Communication (Telecommunication); Trade; Transportation (Road Transport); financial and insurance (financial institutions); agriculture (crop production) and real estate, accounting for positive GDP growth.
“In real terms, the non-oil sector contributed 94.34 per cent to the nation’s GDP in the third quarter of 2022, higher than the share recorded in the third quarter of 2021, which was 92.51 per cent and higher than the second quarter of 2022 recorded as 93.67 per cent.”
However, the oil sector’s growth declined by 10.91 per cent points in Q3 2022, compared to a contraction of 11.77 per cent recorded in Q2 2022.
“The Oil sector contributed 5.66 per cent to the total real GDP in Q3 2022, down from the figures recorded in the corresponding period of 2021 and the preceding quarter, where it contributed 7.49 per cent and 6.33 per cent, respectively,” the report added.
Within the period under review, the report added that the nation recorded an average daily oil production of 1.20 million barrels per day (mbpd), lower than the daily average production of 1.57 mbpd recorded in the same quarter of 2021 by 0.37 mbpd and lower than the second quarter of 2022 production volume of 1.43 mbpd by 0.24mbpd.