Tuesday, January 31, 2023
  • Login
No Result
View All Result
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
No Result
View All Result
The News Beam
Home News Business & Economy

Revealed: 6 sectors that performed very well, boost Nigeria’s GDP in first quarter

May 23, 2022
in Business & Economy, Economy, Uncategorized
Reading Time: 4 mins read
0
A A
0
Revealed: 6 sectors that performed very well, boost Nigeria’s GDP in first quarter
Share on FacebookShare on Twitter

Six sectors performed very well and helped Nigeria’s economy record positive growth of 3.11% in the first quarter of the year, Q1’2022.

Each of the six sectors recorded more than 5% per cent growth in Q1’22 compared to the performance in the corresponding period of 2021, Q1’21. 

According to the National Bureau of Statistics, NBS, in its just released Nigerian Gross Domestic Product Report (Q1 2022), the six sectors led the 16 sectors that recorded growth in Q1’22 and thereby helped the economy overcome the contraction recorded in three sectors.

The Gross Domestic Product, GDP, measures total goods and services produced in a place over a period of time. While the nominal GDP is goods and services measured in current prices, the real GDP is goods and services measured in price of a particular year (constant price). 

The NBS reported that the 3.11 per cent GDP growth in Q1’22 was driven by the Non Oil sector which expanded by 6.08 per cent YoY in Q1’22, as against the 26.04 per cent YoY contraction recorded by the Oil Sector in the same quarter. 

Top Performing Sectors & Growth rate 

Revealed: 6 sectors that performed very well, boost Nigeria’s GDP in first quarter
The top performing six sectors according to the NBS are Manufacturing, Water Supply, Sewerage, Waste Management and Remediation, Trade, Information & Communication,  the Finance and Insurance Sector, and  Human Health and Social Services.
The finance and Insurance sector recorded the highest growth of 23. 24 per cent. The sector consists of the two subsectors, Financial Institutions and Insurance, which accounted for 89.12% and 10.88% of the sector respectively in real terms in Q1 2022.
The contribution of Finance and Insurance to real GDP totaled 4.51%, higher than the contribution of 3.77% recorded in the first quarter of 2021 by 0.74% points, and higher than 3.66% recorded in Q4 2021 by 0.84% points.
The second highest performing sector was the  Water Supply, Sewerage, Waste Management and Remediation sector which grew by 13.22 percent. The sector’s  contribution to total real GDP was 0.23% in the first quarter of 2022; higher from its contribution of 0.21% in the same quarter of the previous year, and higher than in the immediate past quarter where it contributed 0.16%.
The Information and Communication sector came third with 12.07% growth in Q1’22. Of total real GDP, the sector contributed 16.20% in 2022 first quarter of 2022, higher than in the same quarter of the previous year in which it represented 14.91% and higher than the preceding quarter in which it represented 15.21%.
The Trade sector was the fourth highest performing sector with growth of 6.54% in Q1’22. The Trade sector contributed  16.13% to the nation’s real GDP in Q1’22, higher than the 15.61%  in the previous year, and higher than the 15.66% recorded in the 2021 fourth quarter.
Coming fifth is the Human Health and Social Services sector with 5.91% in Q1’22. The contribution of sector  real GDP was 0.73% in Q1 2022, relatively higher than the figure recorded in Q1 2021 and up from the 0.66% recorded for the preceding quarter.
The manufacturing sector recorded the 6th highest growth of 5.89% in Q1’22.   Real contribution to GDP in 2022 first quarter of 2022 was 10.20%, higher than the 9.93% recorded in the first quarter of 2021 and higher than the 8.46% recorded in the fourth quarter of 2021.
The Manufacturing sector is comprised of thirteen activities: Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood products; Pulp Paper and Paper products; Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber products; Electrical and Electronic; Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing.

Other Sectors That Recorded Growth

Other sectors that recorded growth in Q1’22 are Construction sector (4.83%), Real Estate Services (4.44%), Administrative and Support Services (3.73%),  Agriculture (3.16%), Other Services (3.14%), Arts, Entertainment and Recreation (2.3%), Accommodation and Food Services (1.93%),  Public Administration (1.92%), and Education (1.87%).

Sectors That Contracted
However, the following three sectors contracted in Q1’22. They are Mining & Quarrying (-25.89%), Electricity, Gas, Steam and Air Conditioning Supply (-11.2%) and Transportation and storage (-17.41%).  

READ ALSO: You can earn N132bn exporting these 15 agric products

Tags: GDPNational Bureau of StatisticsNBSNigeria's GDP
ShareTweetSend
Previous Post

150 exporters get N3.5bn rebate for repatriating $60m under CBN’s RT 200 programme

Next Post

How Pastor’s Confession of Adultery with 16yr old went Awry

Related Posts

Inflation in December 2022
News

What you need to know: December inflation rate at   21.34%

January 16, 2023
18
Business Risks Forecasts
Business & Economy

How to Protect Your Business from Top Risks in 2023

November 15, 2022
50
Sex: Ladies share virginity challenges
Relationships

Sex: Ladies share virginity challenges

November 12, 2022
134
eNaira: CBN lists 7 benefits to Nigerians, economy
Business & Economy

eNaira: CBN lists 7 benefits to Nigerians, economy

November 10, 2022
25
NDIC Logo
Business & Economy

NDIC To Bank Customers: “Come and Collect Your Remaining Funds in 20 Closed Banks”

November 8, 2022
11
CBN Head Office
Business & Economy

CBN to withdraw 200, 500 and 1000 bank notes from January 2023. Circulate New Notes From December 2022

October 26, 2022
287
Next Post
Pastor Lowe

How Pastor’s Confession of Adultery with 16yr old went Awry

Sex

How Gratitude Enhances Sex in Marriage

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

  • Trending
  • Comments
  • Latest
How to Apply for the N25 Billion Youth Investment Fund of the Federal Govt

How to Apply for the N25 Billion Youth Investment Fund of the Federal Govt

October 16, 2020
Covid-19: See List of Vaccination Centers in Lagos State

Covid-19: See List of Vaccination Centers in Lagos State

August 19, 2021
Banks suffer 11% reduction in new loans as customers resist interest rate hike

CBN reveals 9 Business Categories that recorded Increased Activity This Month

9
BREAKING ! How Hurriedly installed Application Saved Central Bank of Nigeria website from 'Anonymous' hack

BREAKING ! How Hurriedly installed Application Saved Central Bank of Nigeria website from ‘Anonymous’ hack

7
Inflation in December 2022

What you need to know: December inflation rate at   21.34%

January 16, 2023
Business Risks Forecasts

How to Protect Your Business from Top Risks in 2023

November 15, 2022

Categories

  • Agriprenuers (12)
  • Books & Arts (7)
  • Business & Economy (434)
  • Capacity Building (25)
  • CDAs (2)
  • Community Champions (1)
  • Crime (196)
  • DEVELOPMENT (74)
  • Development Agencies (109)
  • Economy (317)
  • Education (192)
  • Entertainment (405)
  • Faith (55)
  • Finance (335)
  • Global (103)
  • Guest Columnists (17)
  • Health (56)
  • Health (242)
  • Industry (149)
  • LGAs (1)
  • Lifestyle (98)
  • MGDs (10)
  • News (2,292)
  • Politics (373)
  • Projects (2)
  • Relationships (70)
  • Security (164)
  • SMEs (15)
  • SPECIALS (87)
  • Sports (311)
  • Street Money (9)
  • Tech (138)
  • Teens World (3)
  • The Entrepreneur (26)
  • Uncategorized (70)
  • Your Community (33)
  • Youthprenuers (14)
No Result
View All Result
News
Politics
Business & Economy
Sports
Entertainment
Global

Development

Health
Education
MGDs
Development Agencies

Your Community

CDAs
LGAs
Projects
Community Champions

The Entrepreneur

Street Money
SMEs
Youthprenuers
Agriprenuers
Capacity Building

Specials

Lifestyle
Relationships
Books & Arts
Faith
Teens World
Guest Columnists

Follow Us

  • About Us
  • Contact Us
  • Terms of Usage
  • Privacy Policy
  • Advert Rates
  • Newsletters
  • Resources
  • Submit a Story
No Result
View All Result
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
  • Login

© 2020 The News Beam is the highest circulated and most read newspaper in Nigeria. The online portal of The News Beam is the most visited website in the world.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Subscribe With The News Beam