In the second quarter of 2022, 28 economic sectors saw declines as real GDP fell by N63.49 billion on a quarterly basis.
According to data from the National Bureau of Statistics, or NBS, real GDP increased by 3.54 percent year over year in Q2 2022 but fell by 0.37 percent from N17.35 trillion in the first quarter of 2021 to N17.29 trillion in Q2 2022.
The NBS attributed this dip to the weaker economic activity seen in Q1 2021. Only 18 of the 46 NBS-captured economic activity categories witnessed growth in the analyzed quarter, according to real GDP data analysis.
The statistics agency’s figures show that the agriculture industry had mixed results, with two sub-sectors experiencing growth and the other two showing a decline. Crop production increased from N3.39 trillion to N3.59 trillion; livestock decreased from N318.49 billion to N282.02 billion; forestry increased from N44.14 billion to N51.28 billion; and fishing decreased from N125.46 billion to N88.3 billion.
Dr. Muda Yusuf, the founder and chief executive officer of the Centre for the Promotion of Private Enterprise, revealed in a statement about the overall GDP that concerns with productivity and competitiveness had continued to have a negative influence on performance across sectors of the economy.
According to him, the nation’s overall operating climate was exceedingly difficult for the majority of investors, with SMEs being especially exposed to current macroeconomic shocks, leading to a high death rate for small firms.
According to him, the nation’s overall operating climate was exceedingly difficult for the majority of investors, with SMEs being especially exposed to current macroeconomic shocks, leading to a high death rate for small firms.
He said, “Many businesses are struggling to cope with the numerous challenges and shocks to the economy. On the welfare front, the citizens are also experiencing serious economic hardship as a result of the galloping inflation and the impact on purchasing power.”
- Tags: #Nigerianeconomy, #sectors
