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From Isaac Anumihe, Abuja
National Bureau of Statistics (NBS), yesterday, disclosed 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.
According to a document obtained from the bureau’s website, the growth rate declined from 4.03 per cent in the third quarter of 2021. The reduction in growth, the bureau said, is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities.
Also, 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, on 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.
For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors” NBS said.
On the oil sector, 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 per cent (year-on-year) in Q3 2022 indicating a decrease of 11.94 per cent points relative to the rate recorded in the corresponding quarter of 2021. Growth also decreased by 10.91 per points when compared to Q2 2022 which was –11.77 per cent” it said.
On quarter-on-quarter, the oil sector recorded a growth rate of -1.80 per cent in Q3 2022 contributing about 5.66 per cent to the total real GDP in Q3 2022, down from the figures recorded in the corresponding period of 2021 and the preceding quarter, where it contributed 7.49 per cent and 6.33 per cent respectively.
