By Okeoghene Akubuike
The National Bureau of Statistics (NBS), says Nigeria’s Gross Domestic Product (GDP) grew by 2.25 per cent in the third quarter on a year-on-year basis.
The NBS stated this in the Nigerian Gross Domestic Product Report Q3 released in Abuja on Thursday.
According to the report, this growth rate declined from 4.03 per cent in the third quarter of 2021.
The NBS said the reduction in growth was attributable to the base effects of the recession and the challenging economic conditions that had impeded productive activities.
“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 a quarter-on-quarter basis, real GDP grew at 9.68 per cent in Q3 2022, reflecting a higher economic activity in Q3 2022 than Q2 2022,” said the NBS.
The report said in Q3, 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,” said the report.
It added that the nominal GDP growth rate in Q3 2022 was higher relative to the 15.41 per cent growth recorded in the Q3 2021 and higher compared to the 15.03 per cent growth recorded in Q2 2022.
It said crude oil production in the third quarter of 2022 recorded an average daily oil production of 1.20 million barrels per day (mbpd).
It said this was lower than the daily average production of 1.57mbpd recorded in Q3 2021 by 0.37mbpd.
“This is also lower than Q2 2022 production volume of 1.43 mbpd by 0.24mbpd,” it said.
The report said the Oil sector contributed 5.66 per cent to the total real GDP in Q3.
It said this showed a decrease from the figures recorded in Q3 2021 and the Q2 2022, where it contributed 7.49 per cent and 6.33 per cent, respectively.
The NBS said the non-oil sector grew by 4.27 per cent in real terms in Q3.
It said in real terms, the non-Oil sector contributed 94.34 per cent to the nation’s GDP in Q3.
“This is higher than the share recorded in the third quarter of 2021 which was 92.51 per cent and higher than the second quarter of 2022 recorded at 93.67 per cent,” it further stated.
The report said the agriculture sector grew by 20.07 per cent on a year-on-year in nominal terms in Q3, showing an increase of 12.13 per cent points from Q3 2021.
It said in Q3, the nominal year-on-year growth rate of Trade stood at 13.17 per cent.
“This indicates a decrease of 1.67 per cent points when compared to Q3 2021 growth rate of 14.84 per cent and 1.42 per cent points lower than Q2 2022 growth rate of 14.59 per cent,” said NBS. (NAN)