Nigeria’s GDP in Q2 2022 stood at N45 trillion with a growth rate of 3.54% against the Q1 2022 rate of N45.32 trillion and a growth rate of 3.11%. The non-oil sector accounted for 93.67% of the total GDP while the oil sector accounted for 6.33% of the total GDP.
The non-oil sector had a growth rate of 4.77%.
The Nigeria non-oil sector comprises activities that exclude the petroleum and gas industry. The non-oil sector includes sectors like information and communication, agriculture, transportation, manufacturing, trade, financial and insurance. The non-oil sector’s growth of 4.77% is lower compared to 6.08% recorded in the first quarter of 2022, showing a decrease in growth rate when compared to the previous quarter.
The agriculture sector tops the sectors with the highest contribution to GDP, contributing 23.2%, the trade and telecommunication sector follow with a total contribution of 16.8% and 15.0% respectively to the total GDP.
Mining and quarrying activities, transportation and storage activities, and financial and storage are the activities with the highest percentage growth rate in Q2 202 while electricity, gas, steam and air conditioning supply, construction and manufacturing activities are the activities with the lowest rate of growth in Q2 2022.
The non oil sector has consistently contributed more to Nigeria’s GDP than the oil sector in the between Q1 2020 and Q2 2022.
Nigeria’s oil sector performed better in Q2 2022 with a negative growth rate of -11.17% compared to the -26.04% recorded in Q1 2022. Nigeria’s oil sector’s decline has been attributed to Nigeria’s inability to meet its OPEC quota of oil production due to oil theft.
Although Nigeria experienced GDP growth despite the many economic challenges but on a year-on-year basis, Nigeria’s GDP slowed down from the 5.01% growth rate recorded in Q1 2021.
Adijat Kareem is a research and data analyst at Dataphyte with a background in Economics. She is passionate about data and storytelling in driving social change and innovation.
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