Nigeria’s gross domestic product (GDP) has increased by 2.25% year-on-year in the third quarter of 2022. This marks the slowest growth since the covid-19.
This was disclosed by National Bureau of Statistics (NBS) on the latest GDP report. According to the NBS, the slow growth is due to the base effects of the recession and the recent challenging economic condition.
It was also revealed that the growth rate decreased by 1.78% points from the 4.03% growth rate recorded in the third a quarter of 2022.
Read Also: CBN Raises MPR By 100 Basic Points To 16.5%
Nigeria’s GDP Increased: The Oil Sector Affected
Since Nigeria’s GDP increased, the oil declined by -22.67% (year-on-year) as of Q3 2022. This indicated that a decrease of 11.94% points.
For the non-oil sector, it grew by 4.27% in real terms during the third quarter (Q3 2022).
It was recorded that the rate was lower by 1.18% points compared to the rate recorded in the same quarter of 2021.
What Drove Growth In The Non-Oil Sector?
Growth in the non-oil sector was driven mainly by Information and Communication
The growth in the non-oil sector was because of the strong Information and Communication (Telecommunication), Trade, Transportation (Road Transport). Others include Financial and Insurance (Financial Institutions), Agriculture (Crop Production), and Real Estate.
The GDP contributed massively to the non-oil sector. It contributed 94.34% to the total GDP, an increase from 93.67% recorded in the previous sector.
For the oil sector, it contributed 5.66% to the aggregate real GDP for the period.
The New Naira
Nigerian President, Muhammadu Buhari, unveils the newly redesigned naira notes today, November 23rd, 2022. The unveiling was done at the State House, Abuja.
The purpose behind the newly redesigned naira notes is due to the higher rates of the counterfeiting of N500 and N1,000 naira notes.
According to the CBN, the new naira notes will help to reduce the volume of currency in circulation, hence curbing the rising inflation rate.
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