The National Bureau of Statistics (NBS), Monday, said the nation’s Gross Domestic Product (GDP) in the first quarter of 2022 declined to an output growth of 3.11 percent when compared to 3.98% recorded in Q4 2021.
It showed the performance of the economy over the last five quarters, indicating that growth recorded was: 0.11% (Q4 2020), 0.51% (Q1 2021), 5.01% (Q2 2021), 4.03% (Q3 2021), and 3.98% (Q4 2021).
The NBS also said that in the first quarter 2022, Rail and Air transport activities recorded high demand when compared to first quarter, 2021.
According to the Statistician General of the Federation, Semiu Adeyemi Adeniran, the high preference for rail and air transport is attributable to its being “known to provide alternative modes of transportation considered to be safer, in addition to the easing travel restrictions.”
Apparently, the high demand for the mode of transport is not far from the increasing waves of insecurity on Nigeria’s roads, compounded by the spate of attacks and kidnappings, which constitute regular occurrence while on transit by road.
Releasing the 1st quarter 2022 GDP, he said 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.
This is also lower than the fourth quarter of 2021 production volume of 1.50mbpd by 0.01mbpd resulting to the Oil GDP growth by -26.04% in Q1 2022 and accounted for 6.63% of total output during the reference quarter.
He attributed the poor performance of oil to operational challenges such as vandalism of pipelines and oil theft.
On the other hand, he said the non-oil sector grew by 6.08% in real terms during the reference quarter (Q1 2022) which was higher by 5.28% points compared to the rate recorded same quarter of 2021 and 1.34% points higher than the fourth quarter of 2021.
According to Mr Adeniran, “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 & Tobacco), all accounting for positive GDP growth.
” In real terms, the non-Oil sector contributed 93.37% 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%, and lower than the fourth quarter of 2021 record at 94.81%.
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