The Nigerian economy continued to expand at a sluggish rate in the second quarter of 2023 after the National Bureau of Statistics (NBS) reported a 2.51 percent growth for the period.
“This may be attributed to the challenging economic conditions,” the NBS said on Friday.
According to the statistics office, the performance of the GDP in the second quarter of 2023 was driven mainly by the services sector, which recorded a growth of 4.42 percent and contributed 58.42 percent to the aggregate GDP.
Despite challenging economic conditions experienced in the country, some sectors braced against all odds to outperform the broader economy in the second quarter.
Read also: Nigeria’s top 5 best and worst-performing sectors in Q1 2022
Here are the best-performing sectors
Finance and insurance
Finance and insurance sector growth rate in real terms amounted to 26.84 percent in Q2 2023, a 836 basis points increase from 18.48 percent in the same quarter of 2022.
On a quarterly basis, the sector grew by 26.84 percent in Q2 2023, up from from 21.37 percent in Q1.
The finance and insurance sector consists of two sub-sectors, financial institutions and insurance, in which the former accounted for 29.23 percent and the latter 7.31 percent of the sector respectively in real terms in Q2 2023.
Read also: Nigeria’s best and worst-performing sectors in Q2
Water supply, sewerage, waste management and remediation
The sector saw a decline in growth rate to 20.56 percent in Q2 2023 from 23.73 percent in the same quarter of 2022.
On a quarterly basis, water supply, sewerage, waste management, and remediation saw increased growth to 20.56 percent in Q2 2023 from 5.57 percent in Q1.
Information and communication
The information and communication sector expanded by 8.60 percent in Q2 2023, compared to 6.55 percent in Q2 2022.
However, on a quarterly basis, it’s growth declined to 8.60 percent in Q2 2023 from 10.32 percent in Q1.
The information and communication sector is composed of the four activities of telecommunications and information services, publishing, motion picture, sound recording and music production, and broadcasting.
Electricity, gas, steam, and air conditioning supply
The sector recorded a growth rate of 6.10 percent in the second quarter of 2023, compared to a contraction of 11.48 percent in the same period of 2022.
The electricity, gas, steam, and air conditioning supply sector recorded a slower growth of 6.10 percent in Q2 2023 compared to 9.53 percent in Q1.
Construction
The construction sector growth rate dropped to 3.42 percent in Q2 2023 from 4.02 in Q2 2022.
On a quarterly basis, the sector recorded growth of 3.42 percent in Q2 2023, up from 3.27 percent in Q1.
The worst-performing sectors
Read also: Nigeria’s best and worst-performing sectors in Q2
Transportation and storage
Transportation and storage sector growth rate slows to -50.64 percent in Q2 2023 from 51.66 percent in Q2 2022.
On a quarter-on-quarter basis, the sector growth rate stood at -50.64 percent in Q2 2023, compared to 9.36 percent in Q1.
Six activities make up the transportation and storage sector: road transport, rail transport and pipelines, water transport, air transport, transport services, and post and courier services.
Mining and quarrying
The mining and quarrying sector recorded a negative growth rate of -12.16 percent in Q2 2023, compared to -11.09 percent in the same period of 2022.
The sector also recorded a negative growth rate of -12.16 percent in the second quarter of 2023, compared to -3.96 percent in the first quarter.
Education
The education sector recorded a growth rate of 1.42 percent in Q2 2023, compared to 1.16 percent in Q2 2022.
The sector also recorded a growth rate of 1.42 percent in Q2 2023, compared to 0.72 percent in Q1.
Agriculture
The agriculture sector recorded a growth rate of 1.50 percent in the second quarter of 2023, compared to 1.20 percent in the same quarter of 2022.
On a quarterly basis, the sector’s growth rate increased to 1.50 percent in the second quarter of 2023 from -0.90 percent in the first quarter.
Other services
Other services recorded a slower growth of 1.69 percent in the second quarter of 2023, compared to 3.05 percent in the second quarter of 2022.
The sector recorded a growth of 1.69 percent in the second quarter of 2023 from -20.05 in the first quarter.
