Nigeria’s growth momentum slows to 2.25% in Q3’22

GDP in Nigeria decreased by 1.78 percentage points quarter-over-quarter (QoQ) to 2.25 percent in the third quarter of 2022 (Q3’22), from 3.54 percent in the second quarter of 2022 (Q2’22).

The National Bureau of Statistics, NBS, stated this yesterday in its Nigerian GDP report for Q3’22, citing the base effects of the recession and the adverse economic conditions that have hindered productive activity as the causes for the slowing growth rate.Information Guide Nigeria

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However, the NBS research also revealed that real growth in the oil industry continued its downward trajectory with a substantial 10.91 basis point (bps) fall to -22.67 percent QoQ in Q3’22 from -11.77 percent QoQ in Q2’22.

This trend was reflected in the sector’s contribution to the GDP, which dropped by 0.67 percentage points to 5.66 percent in Q3’22 from 6.33 percent in Q2’22.

Similarly, growth in the oil sector decreased by 0.50 percentage points to 4.27 percent in Q4’22, from 3.77 percent in Q3’22.

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NBS said: “The reduction in growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities. The Q3’22 growth rate decreased by 1.78 percent points from the 4.03 percent growth rate recorded in Q3’21 and decreased by 1.29 percent points relative to 3.54 percent in Q2’22.NYSC portal

However, real GDP increased by 9.68 percent quarter-over-quarter in Q3’22, indicating greater economic activity in Q3’22 than in the preceding quarter.

“For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.

“The nation in the third quarter of 2022 recorded an average daily oil production of 1.20 million barrels per day (mbpd), lower than the daily average production of 1.57mbpd recorded in the same quarter of 2021 by 0.37mbpd and lower than the second quarter of 2022 production volume of 1.43 mbpd by 0.24mbpd.

“The real growth of the oil sector was –22.67 percent (year-on-year) in Q3 2022, indicating a decrease of 11.94% points relative to the rate recorded in the corresponding quarter of 2021. Growth also decreased by 10.91% points when compared to Q2’22 which was –11.77 percent.JAMB portal

“The non-oil sector grew by 4.27   percent in real terms during the reference quarter (Q3’22). This rate was lower by 1.18 percent points compared to the rate recorded in the same quarter of 2021 and 0.50 percent points lower than the second quarter of 2022.JAMB Result

“This sector was driven in Q3’22 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 percent 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 percent   and higher than Q2’22 recorded as 93.67 percent.JAMB Result

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Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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