Nigeria’s economy grew by 2.25 percent in real terms in the third quarter of 2022, the National Bureau of Statistics said.
The Gross Domestic Product, which measures the size of the economy, expanded at a slower pace than in the third quarter of 2021, the NBS said on Thursday.
The NBS said this growth rate was down from 4.03 percent in the third quarter of 2021.
According to the bureau, the reduction in growth is due to the effects of the recession in 2020 and the tough economic conditions that have hampered production activities.
“The growth rate in Q2 2022 has decreased by 1.78 percentage points from the growth rate of 4.03 percent recorded in Q2 2021 and has decreased by 1.29 percentage points compared to 3.54 percent in Q2 2022,” the report said.
However, the bureau said that on a quarter-on-quarter basis, real GDP grew by 9.68 percent in the 2022 quarter, reflecting stronger economic activity in the 2022 quarter than in the previous quarter.
The report said that real growth in the oil sector fell by 22.67 percent (year-on-year) in the 2022 quarter, down 11.94 percentage points from the rate recorded in the corresponding quarter of 2021.
He said that growth has also decreased by 10.91 percentage points compared to the second quarter of 2022, which is -11.77%.
The non-oil sector grew by 4.27% in real terms.
This rate, the NBS said, was 1.18 percentage points lower compared to the rate recorded in the same quarter of 2021 and 0.50 percentage points lower than in the second quarter of 2022.
Information and Communication (Telecommunications), Trade, Transport (Road Transport) were mainly promoted.
Finance and Insurance (Financial Institutions), Agriculture (Crop Production) and Real Estate, which have had 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 in the second quarter. It was 93.67 percent in 2022,” he said
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