GDP to grow by 3.54% in Q2 2022 – NBS

The National Bureau of Statistics says Nigeria’s gross domestic product grew at an annualized rate of 3.54 percent in the second quarter of 2022.

This is stated in a statement by the Statistician General of the Federation and Chief Executive Officer, National Bureau of Statistics, Prince Semiu Adeniran, on the Nigerian Gross Domestic Product Report Q2, 2022 in Abuja on Friday.

Semiu said in nominal terms that the total GDP in the second quarter of 2022 was N45 trillion.

According to him, this performance is higher compared to the second quarter of 2021, which registered N39.12 trillion, indicating a nominal annual growth rate of 15.03 percent.

He said nominal GDP was N45.32 trillion in the previous quarter of Q1 2022.

Adeniran said that in terms of real GDP, the second quarter of 2022 was recorded at N17.29 trillion.

“This is N591.22 billion higher than the N16.69 trillion recorded in the second quarter of 2021.

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“It is N63.50 billion lower than in the first quarter of 2022, when the total real GDP was N17.35 trillion.”

Breaking down the report by sector, Adeniran said crude oil production recorded an average daily oil production of 1.43 million barrels per day in the second quarter of 2022.

He said this was lower than the daily average output of 1.61 mbpd recorded in the same quarter of 2021, down 0.18 mbpd.

“This is also lower than Q1 2022 production volume of 1.49 mbpd by 0.06 mbpd.

“As a result, oil GDP grew by -11.77 percent in the second quarter of 2022, accounting for 6.33 percent of total production during the reference quarter.”

The statistician general said the sector’s poor performance was caused by operational challenges such as pipeline vandalism and oil theft.

He said the non-oil sector grew by 4.77 percent in real terms in the reference quarter (Q2 2022).

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Adeniran said the sector was mainly driven in the second quarter of 2022 by activities in the Information and Communications (Telecommunications), Commerce, Financial and Insurance sectors.

“Others are the transport sector (road transport), agriculture (crop production) and industry (food, drink and tobacco), all of which are responsible for positive GDP growth.”

In real terms, Adeniran said the non-oil sector contributed 93.67 percent 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 percent, and higher than the first quarter of 2022 at 93.37 percent.

On overall sector performance, Adeniran said agriculture grew 1.20 percent in real terms in the second quarter of 2022.

He said this was lower than the second quarter of 2021, which registered 1.30 percent.

“The industry grew 2.30 percent, which is a decrease from the figure recorded in the second quarter of 2021 when it grew -1.23 percent.”

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The statistician general said the service sector grew 6.70 percent, up from 9.27 percent in the second quarter of 2021.

Adeniran said agriculture, industry and services contributed 23.24 percent, 19.40 percent and 57.35 percent to GDP, respectively, in the reference period.

According to him, this shows a higher contribution from services in the second quarter of 2022 compared to the second quarter of 2021.

NAN

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