The National Bureau of Statistics (NBS) on Thursday disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 2.25per cent year-on-year in third quarter (Q3 2022), marking the slowest growth since the Covid-19 pandemic.
According to the NBS, the slow growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities.
The Q3 2022 growth rate decreased by 1.78per cent points from the 4.03per cent growth rate recorded in Q3 2021 and 1.29per cent points relative to 3.54per cent in Q2 2022.
The Oil Sector: This sector declined by -22.67per cent(year-on-year) as of Q3 2022, indicating a decrease of 11.94per cent points relative to the rate recorded in the corresponding quarter of 2021.
Non-oil Sector: On the other hand, the non-oil sector grew by 4.27per cent in real terms during the reference quarter (Q3 2022). This rate was lower by 1.18per cent points compared to the rate recorded same quarter of 2021 and 0.50per cent points lower than the second quarter of 2022.
Growth in the non-oil sector was driven 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 terms of contribution to GDP, the non-oil sector contributed 94.34per cent to the total GDP, an increase from 93.67per cent recorded in the previous sector, while the oil sector contributed 5.66per cent to the aggregate real GDP for the period.