Nigeria’s Gross Domestic Product (GDP), according to the National Bureau of Statistics (NBS), dropped to N45 trillion in the second quarter of 2022 from N45.32 trillion in the first.
However, the nominal GDP increased by 3.54 percent year over year.
This is stated in a statement made by the Statistician-General Semiu Adeniran on Friday in Abuja on the Nigerian Gross Domestic Product Report for the Second Quarter of 2022.
According to Mr. Adeniran, the second quarter of 2022’s GDP performance was better than the second quarter of 2021, when it totaled N39.12 trillion, representing a nominal annual growth rate of 15.03%.
He pointed out that the nominal GDP for the first quarter of 2022 was N45.32 trillion.
According to Mr. Adeniran, the second quarter of 2022 had a real GDP of 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.”
Mr. Adeniran provided a sector-by-sector summary of the study, stating that the crude oil production in the second quarter of 2022 averaged 1.43 million barrels per day (mbpd).
According to him, this was 0.18 MBPD less than the daily average production of 1.61 MBPD, that was noted in the same quarter of 2021.
“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 claimed that operational issues, including pipeline vandalism and oil theft, were to blame for the industry’s subpar performance.
He said that during the reference quarter, the non-oil economy grew by 4.77 percent in real terms (Q2 2022).
According to Mr. Adeniran, activity in the trade, financial, insurance, and information and communication (telecommunication) sectors were the key drivers of the sector in the second quarter of 2022.
“Others are the Transportation (road transport), Agriculture (crop production) and Manufacturing (food, beverage and tobacco) sector, all accounting for positive GDP growth.’’
According to Mr. Adeniran, the non-oil sector generated 93.67% of the country’s GDP in real terms during the second quarter of 2022.
He said that this figure exceeded the share recorded in the second quarter of 2021, which was 928%, and the first quarter of 2022, which was 93.37%.
Regarding overall sector performance, Mr. Adeniran stated that actual growth in agriculture for the second quarter of 2022 was 1.20 percent.
He noted that the second quarter of 2021 saw a 1.30 percent increase, so this was lower.
“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 general statistician revealed that the services sector increased by 6.70% from the 9.27% reported in the second quarter of 2021.
The statistician stated that the contributions of agriculture, industry, and services to GDP during the reference period were 23.24 percent, 19.40 percent, and 57.35 percent, respectively.
He claims that this indicates that the contribution of services in the second quarter of 2022 was larger than the second quarter of 2021.