Nigeria’s Gross Domestic Product (GDP) grew by 3.54% (year-on-year) in real terms in the second quarter of 2022, the national Bureau of Statistics said in a report released Friday.
This growth rate declined from 5.01% in the second quarter of 2021 when rapid growth was recorded following the toll the COVID-19 pandemic exacted on the economy in Q2 2020.
NBS said the recent rising prices have adversely impacted on the second quarter 2022 performance. The Q2 2022 growth rate decreased by 1.47% points from 5.01% growth rate recorded in Q2 2021 and increased by 0.44% points relative to 3.11% in Q1 2022. However, quarteron-quarter, real GDP grew at -0.37% in Q2 2022, reflecting lower economic activity in Q2 2022 than in the preceding quarter
Source: NBS report
In the quarter under review, aggregate GDP stood at N45,00 trillion 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%.
The nation 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 0.18 mbpd and lower than the first quarter 2022 production volume of 1.49 mbpd by 0.06mbpd. (Figure2).
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.
The non-oil sector grew by 4.77% in real terms during the reference quarter (Q2 2022). This rate was lower by 1.97% points compared to the rate recorded same quarter of 2021 and 1.31% points lower than the first quarter of 2022.
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%.
Source: NBS report
The Mining & Quarrying sector consists of Crude Petroleum and Natural Gas, Coal Mining, Metal ore and Quarrying and other Minerals sub-activities.
In real terms, the Mining and Quarrying sector grew by –11.09% (year-on-year) in the second quarter of 2022.
The contribution of Mining and Quarrying to Real GDP in the quarter under review stood at 6.51%, lower than the rate of 7.58% recorded in the corresponding quarter of 2021 and lower than the 6.67% recorded in the first quarter of 2022.
Agriculture; Four sub-activities make up the Agricultural sector: Crop Production, Livestock, Forestry and Fishing.
The agricultural sector in the second quarter of 2022 grew by 1.20% (year-on-year) in real terms, a decrease of 0.10% points from the corresponding period of 2021, and a decrease of 1.96% points from the preceding quarter which recorded a growth rate of 3.16%.
The sector contributed 23.24% to overall GDP in real terms in Q2 2022, lower than the contribution in the second quarter of 2021 and higher than the first quarter of 2022 which stood at 23.78% and 22.36% respectively.
The Manufacturing sector is comprised of thirteen activities: Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood products; Pulp Paper among others.
Real GDP growth in the manufacturing sector in the second quarter of 2022 was 3.00% (year-onyear), lower than the same quarter of 2021 and lower than the preceding quarter by 0.48% points and 2.89% points respectively.
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.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.