Dear All,
The recently released Gross Domestic Product (GDP) statistics by the National Bureau of Statistics (NBS) reported real GDP to have expanded by 3.54% YoY in Q2:2022. Total real GDP for the quarter stood at NGN17.29trn (vs NGN16.69trn in Q2:2021), hinged on the expansion in the non-oil sector by +4.77% YoY to NGN16.19trn. Meanwhile, the oil sector remained subdued as oil GDP contracted during the period (-11.77%YoY vs -12.65%YoY in Q2:2021). This contraction in the oil sector largely reflects the lower oil production volumes in the quarter (1.43mbpd vs 1.61mbpd in Q2:2021). The key contributors to GDP growth include Information & Telecommunication- ICT (+33.14%), Trade (+21.22%), Financial Services sector (+19.40%), and Transportation and Storage (+18.33%).
Kindly find attached the full report.
