The Nigerian economy grew by 3.54 percent in real terms in the second quarter (Q2) of 2022, a 1.47 percent decline from a 5.01 percent growth rate reported in Q2 2021 and a 0.43 percent increase relative to 3.11 percent in Q1 2022, according to the National Bureau of Statistics (NBS).
“This growth rate declined from 5.01 percent in the second quarter of 2021 when rapid growth was recorded following the toll the COVID-19 pandemic exacted on the economy in Q2 2020. In addition, the recent rising prices have adversely impacted on the second quarter 2022 performance,” the NBS said.
According to the GDP report, these are the best-performing sectors in the second quarter.
Road transport
Leading the pack as the top best-performing sector in the second quarter of 2022 is road transport, which grew by 56.38 percent.
The sector’s growth rate is, however, a decline from the 92.38 percent growth rate in Q2 2021 and an improvement from -24.63 percent in Q1 2022.
Coal mining
Following closely as the second best-performing sector is coal mining, which grew by 36.06 percent. The growth rate reported in the period shows an increase from 34.14 percent in the corresponding quarter of 2021.
The coal mining sector’s growth also improved from -12.97 percent in Q1 2022.
Water supply, sewage, waste management, and remediation
The water supply, sewage, waste management, and remediation sector grew by 23.73 percent. The growth rate represents an increase from the 18.48 percent growth rate reported in Q2 2021.
The sector improved during the quarter from the 13.22 percent growth rate recorded in Q1 2022.
Air transport
The air transport sector grew by 22.45 percent in Q2 2022, from 4.98 percent reported in the same quarter of 2021.
The sector’s growth rate, however, declined during the quarter from the 50.68 percent growth rate reported in Q1 2022.
Read also: Five highest-paying airlines in the world for pilots
Quarrying and other minerals
Quarrying and other minerals grew by 22.15 percent in Q2 2022, compared to the 5.75 percent reported in Q2 2021.
The growth rate also improved during the period from the -13.72 percent growth rate reported in Q1 2022.
“Of the 46 activities tracked by the National Bureau of Statistics, only 33 percent expanded (15 activities) compared to 54 percent (25 activities) in Q1’22,” analysts at the Financial Derivatives Company Limited said. “It is more worrisome that the expanding sectors are relatively job-inelastic (road transport, coal mining, water supply, quarrying, etc.) and will have limited impact on unemployment. It appears that the spike in airline fares is increasing the use of road transportation despite security threats.”
