The National Bureau of Statistics has released new data that shows that Nigeria’s Gross Domestic Product (GDP) grew by 2.25 per cent (year-on-year) in real terms in the third quarter of 2022.
The growth was boosted by Nigeria’s emerging non-oil sector that recorded impressive growth rate in the quarter under review.
The non-oil sector grew by 4.27 per cent in real terms during the reference quarter (Q3 2022). This rate was lower by 1.18 per cent points compared to the rate recorded same quarter of 2021 and 0.50 per cent points lower than the second quarter of 2022.
The sector was driven in the third quarter of 2022 mainly by Information and Communication (telecommunication); trade; transportation (road transport); Financial and insurance (financial institutions); agriculture (crop production) and real estate,
accounting for positive GDP growth.
In real terms, the non-oil sector contributed 94.34 per cent to the nation’s GDP in the third quarter of 2022, higher than the share recorded in the third quarter of 2021 which was 92.51 per cent and higher than the second quarter of 2022 recorded as 93.67 per cent .
The total GDP growth rate declined from 4.03 per cent in the third quarter of 2021. The reduction in growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities.
According to the statistics bureau, the Q3 2022 growth rate decreased by 1.78 per cent points from the 4.03 per cent growth rate recorded in Q3 2021 and decreased by 1.29 per cent points relative to 3.54 per cent in Q2 2022.
However, quarter-on-quarter, real GDP grew at 9.68 per cent in Q3 2022, reflecting a higher economic activity in Q3 2022 than the preceding quarter. In the quarter under review, aggregate GDP stood at N52,255,809.62 million in nominal terms.
This performance is higher when compared to the third quarter of 2021 which recorded aggregate GDP of N45,113,448.06 million, indicating a year-on-year nominal growth rate of 15.83 per cent.
The nominal GDP growth rate in Q3 2022 was higher relative to the 15.41 per cent growth recorded in the third quarter of 2021 and higher compared to the 15.03 per cent growth recorded in the preceding quarter.