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Nigeria’s GDP Drops To 3.54% In Second Quarter

Nigeria’s Gross Domestic Product growth stood at 3.54% in the second quarter of 2022 on a year-on-year basis, the National Bureau said on Friday

The NBS in its GDP report said in nominal terms, aggregate GDP stood at N45.00 trillion in the second quarter of 2022. This 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%.  The nominal Gross Domestic Product in the preceding quarter of Q1 2022 stood at N45.32 trillion.

In terms of real GDP, the report explained that second quarter of 2022 was recorded at N17.29 trillion, higher by N591.22 billion than the N16.69 trillion recorded in the second quarter of 2021 and lower by N63.50 billion when compared to the first quarter of 2022 when the aggregate real GDP was N17.35 trillion

The Crude oil production 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 0.18mbpd, and lower than the first quarter of 2022 production volume of 1.49mbpd by 0.06mbpd.

Resultantly, the Oil GDP grew by -11.77% in Q2 2022 and accounted for 6.33% of total output during the reference quarter. The poor performance of the sector was occasioned by operational challenges such as vandalism of pipelines and oil theft.

The non-oil sector grew by 4.77% in real terms during the reference quarter (Q2 2022). This sector in the second quarter of 2022 was mainly driven by activities in the Information and Communication (Telecommunication) sector; Trade; Financial and Insurance (Financial Institutions); Transportation (Road Transport); Agriculture (Crop Production) and Manufacturing (Food, Beverage & Tobacco), all accounting for positive GDP growth. In real terms, 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 at 93.37%.

On the broad sectoral performance, Agriculture grew by 1.20% during the second quarter of 2022 in real terms, lower than the second quarter of 2021 which recorded 1.30%.

The industry, grew by -2.30%, which is a decline over the figure recorded in the second quarter of 2021 when it recorded a growth of -1.23%. The Services sector grew by 6.70%, from 9.27% reported in the second quarter of 2021.  

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