- Nigeria’s real GDP grew by 3.54% in Q2 2022 according to the NBS.
- The non-oil sector was mainly responsible for the growth.
- Inadequate oil output has been hindering growth in the oil sector.
Nigeria’s real Gross Domestic Product (GDP) grew by 3.54% to $40.9 billion during the second quarter of 2022, according to the National Bureau of Statistics (NBS).
he report, seen by Business Insider Africa, explained that this represents a 0.44 points increase when compared to the 3.11% growth that was recorded during the first quarter of the year.
The recorded growth was driven mainly by the non-oil sectors of the Nigerian economy which expanded by 4.77%. Specifically, sectors like information communication, banking and finance, trade, agriculture, transportation and manufacturing, accounted for the positive GDP growth.
The report noted that in real terms, Nigeria’s non-oil sector contributed 93.67% to the GDP during the period under review.
On the other hand, declined by 11.77% during the quarter under review. In Q1 2022, the Nigerian oil sector had also slumped by 26.04%. The declines are due to a drastic reduction in oil output which authorities have repeatedly blamed on oil theft.
“The nation in the second quarter of 2022 recorded an average daily oil production of 1.43 million barrels per day (mbpd), lower than the daily average production of 1.61mbpd recorded in the same quarter of 2021 by 0.18 mbpd and lower than the first quarter 2022 production volume of 1.49 mbpd by 0.06mbpd,” part of the report said.
Note that the Nigerian economy is classified broadly into the oil and non-oil sectors. And while oil is widely regarded as the country’s economic mainstay, revenue generated through oil sales has been on a steady decline recently.
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