From Isaac Anumihe, Abuja
National Bureau of Statistics (NBS) yesterday, said that the aggregate Gross Domestic Products (GDP) for the first quarter of 2022 stood at N45.32 trillion, a growth performance that’s higher than the first quarter of 2021 which recorded N40.01 trillion.
A statement from the Statistician General of the Federation and Chief Executive Officer of NBS, Mr Adeyemi Adeniran noted that the figure indicates a year-on-year nominal growth rate of 13.25 per cent, adding that the nominal Gross Domestic Products in the preceding quarter of Q4 2021 stood at N49.28 trillion.
In terms of real GDP, the first quarter of 2022 recorded N17.35 trillion, higher by N522.49 billion than the N16.83 trillion recorded in the first quarter of 2021. This shows an output growth of 3.11 per cent in the first quarter of 2022. Output in the first quarter of 2022 was, however, lower by N2.98 trillion when compared to the fourth quarter of 2021 when the aggregate real GDP was N20.33 trillion.
Meanwhile, the crude oil production in the first quarter of 2022 recorded an average daily oil production of 1.49 million barrels per day (mbpd), lower than the daily average production of 1.72mbpd recorded in the same quarter of 2021 by 0.23mbpd, and lower than the fourth quarter of 2021 production volume of 1.50mbpd by 0.01mbpd.
Resultantly, the oil GDP grew by -26.04 per cent in Q1 2022 and accounted for 6.63 per cent of total output during the reference quarter.
On the non-oil sector, NBS explained that the sector grew by 6.08 per cent in real terms during the reference quarter (Q1 2022). This rate, Adeniran, said, was higher by 5.28 per cent points compared to the rate recorded same quarter of 2021 and 1.34 per cent points higher than the fourth quarter of 2021.
“This sector in the first quarter of 2022 was mainly driven by activities in the Information and Communication (Telecommunication); Trade; Financial and Insurance (Financial Institutions); Agriculture (crop production); and Manufacturing (food, beverage and tobacco), all accounting for positive GDP growth.
“In real terms, the non-oil sector contributed 93.37 per cent to the nation’s GDP in the first quarter of 2022, higher than the share recorded in the first quarter of 2021 which was 90.75 per cent, and lower than the fourth quarter of 2021 record at 94.81 per cent” NBS, noted.
On the fastest-growing activities in the first quarter of 2022, the Statistician General listed financial and insurance sector, water supply, sewerage, waste management and remediation sector; information and communication sector; trade sector, and human health and social services sector showed strong growth figures during the first quarter of 2022.
Consequently, he said that the fastest-growing activities in real terms during the first quarter of 2022 were Rail Transport and Pipelines (124.54 per cent ); Air Transport (50.68 per cent); Metal Ores (30.76 per cent); Financial Institutions (25.43 per cent); Telecommunications and Information Services (14.50 per cent); Chemical and Pharmaceutical Products (10.33 per cent); Food, Beverages, and Tobacco (9.81 per cent); and Cement (9.57 per cent). However, some of the slowest growing activities include Oil Refining (-44.26 per cent); Crude Petroleum and Natural Gas (-26.04 per cent); Road Transport (-24.63 per cent); Quarrying and Other Minerals (-13.72 per cent); Coal Mining (-12.97 per cent); Electrical and Electronics (-4.87 per cent), etc.
Rail and Air transport activities, Adeniran further explained, witnessed high demand in the first quarter of 2022 compared to the corresponding quarter of 2021, as they are known to provide alternative modes of transportation considered to be safer, in addition to the easing travel restrictions.
“The growth recorded in Metal Ores was driven principally by the increase in the volume of production during the quarter. Again, there was an improvement in the performance of Water Supply, Sewerage, Waste Management, and Remediation activities during the quarter as a result of an increased volume of water processing and waste collection. On the other hand, the poor performance of oil was occasioned by operational challenges such as vandalism of pipelines and oil theft” he said.