Nigeria’s economic growth slowed in the third quarter of 2022, according to data released on Thursday by the National Bureau of Statistics (NBS).
The NBS said that between July and September 2022, the country’s gross domestic product (GDP) grew 2.25 percent on-year, the slowest growth since the COVID-19 pandemic.
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 for the third quarter of 2022 decreased by 1.78 percentage points from the growth rate of 4.03% registered in the third quarter of 2021 and by 1.29 percentage points from 3.54% in the third quarter of 2021. second quarter of 2022.
The oil sector decreased by 22.67% (yoy) as of the third quarter of 2022, indicating a decrease of 11.94 percentage points relative to the rate registered in the corresponding quarter of 2021.
On the other hand, the non-oil sector grew by 4.27% in real terms during the reference quarter (3Q 2022). This rate was 1.18 percentage points lower than that registered in the same quarter of 2021 and 0.50 percentage points 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.
In terms of contribution to GDP, the non-oil sector contributed 94.34 percent of total GDP, an increase from 93.67 percent registered in the previous sector, while the oil sector contributed 5.66 percent of GDP. real aggregate for the period.