According to the National Bureau of Statistics (NBS), Nigeria’s GDP increased year over year by 3.54 percent in the second quarter of 2022.
This information may be found in a statement made by Prince Semiu Adeniran, Statistician-General of the Federation and Director-General of the National Bureau of Statistics, on the release of the Nigerian Gross Domestic Product Report for the second quarter of 2022 on Friday in AbujA. According to Semiu, the total GDP was N45 trillion in the second quarter of 2022.
He claims that this achievement is better than the N39.12 trillion recorded in the second quarter of 2021, which corresponds to a nominal annual growth rate of 15.03%. He claimed that the nominal GDP for the first quarter of 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.’’
Giving a breakdown of the report by sector, 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. 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.’’
The statistician-general said 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 expanded by 4.77 percent in real terms (Q2 2022).
According to Adeniran, activity in the trade, financial, insurance, and information and communication (telecommunication) sectors were the key drivers of the industry 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 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, Adeniran stated that actual growth in agriculture for the second quarter of 2022 was 1.20 percent. He said that the second quarter of 2021 had 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 statistician-general said the services sector grew by 6.70 per cent, from 9.27 per cent reported in the second quarter of 2021. Adeniran said 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. According to him, this shows a higher contribution of services in the second quarter of 2022 compared to the second quarter of 2021.
