The National Bureau of Statistics (NBS) has announced a 3.54 percent Gross Domestic Product (GDP) growth year on year in the second quarter of 2022.
This is featured in a statement made on Friday in Abuja by the Statistician-General of the Federation and Chief Executive Officer, National Bureau of Statistics, Prince Semiu Adeniran, on the Nigerian GDP Report Q2, 2022.
Semiu stated that aggregate GDP in nominal terms reached at N45 trillion in the second quarter of 2022.
According to him, this achievement is better than the N39.12 trillion registered in the second quarter of 2021, representing a nominal growth rate of 15.03 percent year on year.
He stated that the nominal GDP in the previous quarter of Q1 2022 was N45.32 trillion.
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.’’
Adeniran provided a sector breakdown of the study, stating that crude oil production in the second quarter of 2022 averaged 1.43 million barrels per day.
He stated that this was 0.18mbpd less than the daily average production of 1.61mbpd reported 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.’’
According to the statistician-general, the sector’s low performance was caused by operational issues such as pipeline damage and oil theft.
During the reference quarter, the non-oil industry rose by 4.77 percent in real terms (Q2 2022), he said.
Adeniran noted that the sector will be primarily driven by activities in the Information and Communication (telecommunications) sector, Trade, Financial, and Insurance sectors in the second quarter of 2022.
“Other sectors contributing to positive GDP growth include transportation (road transport), agriculture (crop output), and manufacturing (food, beverage, and tobacco)”, he added.
According to Adeniran, the non-oil sector generated 93.67% of the nation’s GDP in the second quarter of 2022.
He stated that this was higher than the 928 percent share recorded in the second quarter of 2021 and higher than the 93.37 percent share recorded in the first quarter of 2022.
In terms of overall sector performance, Adeniran stated that agriculture rose by 1.20 percent in real terms during the second quarter of 2022.
He stated that this was lower than the 1.30 percent registered in the second quarter of 2021, emphasizing that “the industry expanded by 2.30 percent, which is a decrease from the -1.23 percent growth reported in the second quarter of 2021.”
According to the statistician-general, the services sector rose by 6.70 percent, down from 9.27 percent in the second quarter of 2021.
Adeniran revealed that agriculture, industry, and services contributed 23.24 percent, 19.40 percent, and 57.35 percent of GDP in the reference period, respectively.
According to him, this indicates a greater contribution of services in the second quarter of 2022 than in the second quarter of 2021.
NAN
