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Home Economy

These are the fastest growing sectors in the Nigerian economy as of Q3 2022

Research Team by Research Team
November 28, 2022
in Economy, GDP, Macros
Transport costs skyrocket amid fuel subsidy removal
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Nigeria’s transportation and financial sectors led the list of the fastest-growing sectors in the third quarter of 2022, printing real growths of 41.59% and 12.7%, respectively.

This is contained in the Q3 2022 Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS).

The Nigerian economy expanded by 2.25% in real terms year-on-year in Q3 2022, largely due to positive movement in the non-oil sector. However, the growth was at a slow pace compared to the previous quarter (3.54%) due to local and international constraints.

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Meanwhile, in broad sectoral disaggregation, fifteen of the nineteen sectors recorded a year-on-year positive growth, while four of them printed contractions. The sectors with negative growth in the period were manufacturing (1.91%), other services (2.67%), electricity (3.56%), and mining and quarrying (21.31%).

Sectors in recession: An economy is said to be in a recession if the aggregate GDP declines for two consecutive quarters. Two sectors remained in recession in broad sectoral classification. They are:

  • The electricity, gas, steam and air conditioning supply sector recorded a 3.56% contraction in its GDP, following an 11.48% contraction in Q2 2022 and an 11.2% decline in Q1 2022. The sector has maintained negative growth in the last three quarters, despite recording impressive growth rates in the previous year.
  • The mining and quarrying sector recorded a 21.31% contraction in the review quarter, on the back of an 11.09% contraction recorded in the previous quarter. The sector has been on a negative trajectory since Q2 2020 largely due to the performance of the crude petroleum and natural gas sector.
  • The Nigerian oil-producing sector has been bedeviled by the volatility in the global crude oil market, and the inability to produce at full capacity as a result of oil theft, vandalism, insecurity, and investment flight amongst others.
  • In terms of subsectors in recession, the oil refining sectors printed a 44.7% decline in Q3 2022 following the 42.12% decline recorded in Q2 2022. Textile, Apparel and footwear, rail transport, and pipeline recorded negative GDP growths for at least two successive quarters.

Below are the fastest-growing sectors in the Nigerian economy for Q3 2022.

Transport and storage (41.59%): The transportation and storage sector of the Nigerian economy grew by 41.59% in Q3 2022, representing the fastest-growing sector in the largest African economy.

It however grew at a slower pace compared to the previous quarter due to the contraction of the rail transport and pipeline subsector.

  • The breakdown shows that road transport, which accounts for 83.6% of the total sector expanded by 49.68% year-on-year, slower than the 56.38% recorded in Q2 2022 but higher than the 21.11% recorded in the corresponding period of 2021.
  • The water transport subsector expanded by 19.48%, an uptick from the 3.02% growth recorded in Q2 2022.
  • Air transport grew by 14.58%, transport services expanded by 6.66%, while post and courier services recorded a 5.36% year-on-year growth in real terms.

Finance and insurance (12.7%): The financial and insurance sector expanded by 12.7% year-on-year in real terms in the third quarter of the year, albeit slower than the 18.48% growth recorded in the previous quarter and the 23.24% growth printed in Q1 2022.

  • The sector accounts for 3.49% of the national economy, with a quarterly estimate of N660.8 billion and an estimate of N2.9 trillion.
  • In terms of breakdown, the financial subsector, which accounts for about 90% of the sector grew by 12.03% year-on-year from 20.06% recorded in the previous quarter.
  • The insurance subsector on the other hand printed a 19.09% year-on-year growth, outpacing the 6.96% recorded in the previous period.

Information and communication (10.53%): The ICT sector grew by 10.53% year-on-year in Q3 2022, an improvement compared to 6.55% recorded in the previous quarter. The information and communication sector accounts for 15.4% of the national GDP.

  • The telecommunication sector, which consists of some of the largest companies in the country and accounts for 83.7% of the ICT sector grew by 10.53% year-on-year from 6.55% recorded in the previous quarter.
  • The Publishing subsector printed a 12.06% growth in the quarter under review compared to the 3.43% growth recorded in Q2 2022. Motion picture, sound recording, and music recorded 22.41% growth, while broadcasting printed a 6.58% year-on-year growth.

 

Fastest growing sectors in the Nigerian economy as of Q3 2022

Others include

  • Art, entertainment, and recreation – 7.79%
  • Accommodation and food services – 6.77%
  • Construction – 5.52%
  • Trade – 5.08%
  • Human health and social services – 4.58%
  • Real estate – 4.56%
  • Administrative and support services

What You Should Know: Nigeria’s gross domestic product (GDP) grew by 2.25% year-on-year in real terms in the third quarter of 2022, a contraction when compared to the 3.54% growth recorded in the previous quarter.

  • In real terms, Agriculture accounted for 29.67% of Nigeria’s aggregate GDP, growing from 23.24% in Q2. The industrial sector accounted for 18.37% and services accounted for 51.96%.
  • The oil sector contributed 5.66% to the real aggregate GDP in Q3, a decline from its 6.33% contribution in the previous quarter.
  • The non-oil sectors recorded a year-on-year growth rate of 4.27%, 0.50% points lower than Q2 2022 and 1.13% points lower than the corresponding period in 2021. Despite this, its share of contribution to real aggregate GDP rose both quarter-on-quarter and year-on-year by 0.67% and 1.83% respectively.

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Tags: Gross Domestic ProductNigeria GDP
Research Team

Research Team

The Research Team at Nairametrics meticulously monitors, gathers, curates, and administers an extensive repository of both macroeconomic and microeconomic data originating from Nigeria and across Africa. Utilizing a variety of presentation formats—including documents, tables, and charts—our analysts disseminate key findings through the Nairametrics platform. Additionally, we regularly release insightful, research-driven articles that offer in-depth analyses of economic trends and indicators.

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