Advertisement

The National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product (GDP) dropped to N45 trillion in the second quarter of 2022 as against the N45.32 trillion recorded in the first quarter.

On a year-on-year basis, however, the nominal GDP rose by 3.54 per cent.

Advertisement

This was contained in a statement issued by Statistician-General Semiu Adeniran on the Nigerian Gross Domestic Product Report Q2, 2022 in Abuja on Friday.

Mr Adeniran said the Q2 2022 GDP 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 per cent.

He noted the nominal GDP in the preceding quarter of Q1 2022 stood at N45.32 trillion.

Advertisement

Mr Adeniran said that in terms of real GDP, the second quarter of 2022 was recorded at 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.”

Giving a breakdown of the report by sector, Mr Adeniran 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).

Advertisement

He said this was lower than the daily average production of 1.61mbpd recorded in the same quarter of 2021 by 0.18mbpd.

“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.’’

Advertisement

The statistician-general said that the poor performance of the sector was occasioned by operational challenges such as vandalism of pipelines and oil theft.

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

Mr Adeniran said the sector in the second quarter of 2022 was mainly driven by activities in the Information and Communication (telecommunication) sector, Trade, Financial and Insurance sectors.

“Others are the Transportation (road transport), Agriculture (crop production) and Manufacturing (food, beverage and tobacco) sector, all accounting for positive GDP growth.’’

Mr Adeniran said in real terms, the non-oil sector contributed 93.67 per cent 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 per cent and higher than the first quarter of 2022 at 93.37 per cent.

On the broad sectoral performance, Mr Adeniran said that agriculture grew by 1.20 per cent during the second quarter of 2022 in real terms.

He said this was lower than the second quarter of 2021 which recorded 1.30 per cent.

“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 statistician-general said the services sector grew by 6.70 per cent, from 9.27 per cent reported in the second quarter of 2021.

Agriculture, industry, and services contributed 23.24 per cent, 19.40 per cent, and 57.35 per cent, respectively to GDP in the reference period, the statistician said.

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

(NAN)