BREAKING: Nigeria’s GDP growth slows to 2.25% in Q3 2022

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Gross Domestic Product of Nigeria (GDP) grew by 2.25% year-on-year in the third quarter of 2022, marking the slowest growth since the Covid-19 pandemic.

This information is according to the latest GDP report from the National Bureau of Statistics (NBS).

According to the NBS, the slow growth is attributed to the basic effects of the recession and difficult economic conditions that have impeded productive activities.

The growth rate of the third quarter of 2022 decreased by 1.78% points from the growth rate of 4.03% registered in the third quarter of 2021 and 1.29% points in relation to the 3.54% in the second quarter of 2022.

The Oil Sector: This sector grew by 22.67% (year-on-year) as of 3Q 2022, which indicates a decrease of 11.94% points compared to the rate registered in the corresponding quarter of 2021.

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Non-oil sector: For its part, the non-oil sector grew 4.27% in real terms during the reference quarter (3Q 2022). This rate was 1.18% lower than that registered in the same quarter of 2021 and 0.50% lower than that of the second quarter of 2022.

Growth in the non-oil sector was mainly driven by Information and Communication (Telecommunications), Commerce, Transportation (Road Transportation), Finance and Insurance (Financial Institutions), Agriculture (Crop Production). and Real Estate, which represents positive GDP growth.

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In terms of contribution to GDP, the non-oil sector contributed 94.34% of total GDP, higher than the 93.67% registered in the previous sector, while the oil sector contributed 5.66% to aggregate real GDP for the period .

More details soon…

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