The Finance and Insurance sector grew at 29.90% as a whole in nominal terms year-on-year in the second quarter of 2022.
This is according to the recent GDP report released by the National Bureau of Statistics.
In particular, the growth rate of Financial Institutions was recorded at 31.63% and 17.28% growth rate was recorded for Insurance.
Key highlights of the report
- The Finance and Insurance Sector consists of the two subsectors, Financial Institutions and Insurance, which accounted for 89.10% and 10.90% of the sector respectively in real terms in Q2 2022.
- The overall rate was higher than that of Q2 2021 by 31.76% points and lower by 2.39% points than the preceding quarter.
- Quarter-on-Quarter growth was -5.19%. The sector’s contribution to the overall nominal GDP was 3.63% in Q2 2022, higher than the 3.21% it represented a year previous, and lower than the contribution of 3.80% it made in the preceding quarter.
- Growth in this sector in real terms totalled 18.48%, higher by 20.96% points from the rate recorded in the 2021 second quarter and down by 4.76% points from the rate recorded in the preceding quarter.
- Quarter-on-Quarter growth in real terms stood at -5.96%.
- The contribution of Finance and Insurance to real GDP totalled 4.25%, higher than the contribution of 3.72% recorded in the second quarter of 2021 by 0.54% points, and lower than 4.51% recorded in Q1 2022 by 0.25% points.
What you should know
- Nairametrics reported that Nigeria’s gross domestic product (GDP) grew by 3.54% year-on-year in real terms in the second quarter of 2022, an improvement compared to the 3.11% growth recorded in the previous quarter.
- On a year-on-year basis, the second quarter of 2022 growth rate decreased by 1.47% points from 5.01% growth rate recorded in the corresponding quarter in 2021. The oil sector GDP decline continued with a 11.77% dip year-on-year in Q2 2022, compared to a contraction of 26.04% recorded in Q1 2022.