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Home Economy

Q3 GDP: Finance and insurance industries record 12.70% growth

The contribution of finance and insurance to real GDP totaled 3.49%

Zainab Iwayemi by Zainab Iwayemi
November 24, 2022
in Economy, GDP
Finance-and-Insurance-Sector
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Growth in finance and insurance industries in real terms totaled 12.70% in the third quarter of 2023. This is according to a recently released GDP report by the National Bureau of statistics. 

The growth rate is lower by 10.53% points from the rate recorded in the third quarter of 2021, and down by 5.78% points from the rate recorded in the preceding quarter. Quarter-on-Quarter growth in real terms stood at -10.14%. 

The contribution of Finance and Insurance to real GDP totaled 3.49%, higher than the contribution of 3.16% recorded in the third quarter of 2021 by 0.32% points, and lower than 4.25% recorded in Q2 2022 by 0.77% points. 

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From a broader view: In the quarter under review, aggregate GDP stood at N52.26 trillion in nominal terms. This performance is higher when compared to the third quarter of 2021, which recorded aggregate GDP of N45.11 trillion, indicating a year-on-year nominal growth rate of 15.83%.  

The nominal GDP growth rate in Q3 2022 was higher relative to the 15.41% growth recorded in the third quarter of 2021 and higher compared to the 15.03% growth recorded in the preceding quarter. 

 GDP Overview: Nigeria’s gross domestic product (GDP) grew by 2.25% (year-on-year) in real terms in the third quarter of 2022. This growth rate declined from 4.03% in the third quarter of 2021. 

The reduction in 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 1.78% points from the 4.03%  growth rate recorded in Q3 2021 and also decreased by 1.29% points, relative to 3.54% in Q2 2022. However, quarter-on-quarter, real GDP grew at 9.68% in Q3 2022, reflecting higher economic activity in Q3 2022 than the preceding quarter. 


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Tags: Finance industryNigeria GDP
Zainab Iwayemi

Zainab Iwayemi

For further inquiries about this article, contact: Email: zainab.iwayemi@nairametrics.com Twitter: @IwayemiZainab LinkedIn: Zainab Iwayemi

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There are strong indications that the Nigerian Civil Aviation Authority (NCAA) may sanction the private jet that conveyed the presidential candidate of Labour Party (LP), Mr. Peter Obi from Benin Airport to Ibadan, the Oyo State Capital for violation of safety procedures. A source close to the regulatory agency on Thursday confided in our correspondent that the aircraft with the registration number: 5N-HPY ignored the warning of the Air Traffic Controllers (ATCs) not to take off due to the closure of the airport at that particular time due to its closure. Despite the warning, it was learnt that the pilot (names withheld), took off from the airport, thereby contravening safety rules. The source told our correspondent that the NCAA has commenced investigation into the violation of safety rules by the pilot and may sanction him if found wanting. The source insisted that the regulatory agency was apolitical and would not be dragged into political matters by politicians, saying that it adheres strongly to best industry standards as recommended by the International Civil Aviation Organisation (ICAO). The source said: “The aircraft in question departed Benin airport after it was closed. The pilot specifically ignored the instructions of the Air Traffic Controllers (ATCs) for the aircraft not to depart at that particular point in time because the airport was closed. “As a regulatory agency, the NCAA cannot condone this kind of behaviour. We are going to investigate the matter. Everyone must obey instructions. This is a very sensitive sector that deals with human lives. Even Mr. President’s pilots obey instructions. Why should anyone act above the law? The aircraft remains grounded. We are investigating the violation.” Recall that the Labour Party media arm, Obi-Datti Media Office, on Wednesday condemned the alleged grounding of its campaign aircraft by the NCAA, a situation it said almost disrupted its scheduled campaign rally in Ibadan. Head of Media Obi-Datti Campaign Organisation, the party expressed surprise at the yet to be explained grounding of its campaign aircraft, saying the action led to the inability of Labour Party and campaign officials, who had already gathered at Lagos and Abuja Airports, to attend the Ibadan rally. Diran said the development took the party by surprise, but that couldn’t stop them from holding the rally as planned. The statement reads: “The Obidient plane was grounded today by the powers that be “for regulatory reasons” only. Please ignore any mischievous rumour. Our massive rally in Ibadan is going on as planned. “All we know is what the leasing vendor told us to the effect that “Federal authorities won’t allow the Obidient Aircraft to file a flight plan, because of ongoing regulatory investigations.” “We are not privy to the specific details or nature of the investigations. “Mischievous political operatives had cheaply seized the opportunity to spread the unfounded rumours of an air crash which was promptly dispelled. The Ibadan rally was however a huge success with the Labour Party Presidential Candidate, Mr. Peter Obi, making a stop at Iseyin Town before joining a multitude of organic supporters at the Lekan Salami Stadium, Adamasingba, Ibadan.”

Peter Obi aircraft pilot violates ATC instructions as NCAA commences investigation

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