28 Sectors Suffer As Nigeria’s Economy Decline By ₦63bn

The National Bureau of Statistics (NBS) has observed that the recent decline in the nation’s economy was caused by the poor economic activities witnessed last year.

NBS stated this while highlighting the figures recorded in the nation’s economic sector in Q2 2022, Naija News understands.

Discharging its duty as an agency responsible for collecting, compiling, analyzing, interpreting, publishing and disseminating statistical information relating to the socio-economic life and conditions of the people of Nigeria, NBS said at least twenty-eight sectors of the economy declined in the second quarter of 2022.

This according to NBS is as real Gross Domestic Product shrunk by ₦63.49bn quarter-on-quarter.

The statistics revealed that while real GDP grew by 3.54 per cent year-on-year in Q2 2022, it declined by 0.37 per cent from the ₦17.35tn that was recorded in the first quarter of 2021 to ₦17.29tn in Q2, 2022.

The analysis of real GDP data revealed that only 18 of the 46 NBS-captured economic activity sectors experienced growth in the quarter under review.

In the agriculture sector, two sub-sectors witnessed an increase and the other two recorded a decline.

Crop production according to the stats grew from ₦3.39tn to ₦3.59tn; livestock declined from ₦318.49bn to ₦282.02bn; forestry grew from ₦44.14bn to ₦51.28bn; while fishing declined from ₦125.46bn to ₦88.3bn.

Records From Other Sectors Including Minning, Oil Refining, Electricity, Chemical and Pharmaceutical

NBS revealed in its reports that the mining and quarrying sector, crude petroleum and natural gas witnessed a decline from ₦1.15tn to ₦1.09tn.

While coal mining grew from ₦1.61bn to ₦4.79bn; metal ores declined from ₦4.87bn to ₦1.26bn, and quarrying of other minerals grew from ₦363.29m to ₦25.51bn.

Oil refining grew from ₦1.66bn to ₦2.82bn; cement declined from ₦188.81bn to ₦143.74bn; food, beverage and tobacco declined from ₦875.94bn to ₦760.08bn; textile, apparel, and footwear declined from ₦342.48bn to ₦283.34bn; wood and wood products declined from ₦53.81bn to ₦44.41bn; whereas pulp, paper, and paper products declined from ₦13.38bn to ₦9.70bn.

Chemical and pharmaceutical products according to NBS grew from ₦42.75bn to ₦47.37bn; non-metallic products declined from ₦63.52bn to ₦49.24bn; plastic and rubber products declined from ₦60.12bn to ₦53.01bn; electrical and electronics increased from ₦839.34m to ₦921.50m; basic metal, iron and steel declined from ₦39.93bn to ₦37.31bn; motor vehicles and assembly declined from ₦9.53bn to ₦7.63bn, and other manufacturing declined from ₦76.07bn to ₦55.55bn

The electricity, gas, steam and air conditioning supply sector grew from ₦32.72bn to ₦118.79bn. The water supply, sewerage, waste management and remediation sector grew from ₦39.06bn to ₦61.12bn. Construction declined from ₦725.99bn to ₦554.11bn. The trade sector grew from ₦2.79tn to ₦2.91tn.

Accommodation and food services also recorded a decline from ₦173.41bn to ₦68.17bn. Under the transportation and storage sector, road transport grew from ₦151.97bn to ₦293.85bn; rail transport and pipelines declined from ₦40.96m to 19.92m; water transport increased from ₦802.77m to ₦1.04bn; air transport declined from ₦25.26bn to ₦9.69bn; transport services grew from ₦7.11bn to ₦11.14bn; and post and courier services declined from ₦6.26bn to ₦2.42bn.

Also, the economy, telecommunications and information services under the information and communication sector grew from ₦2.25tn to ₦2.59tn; publishing declined from ₦5.45bn to ₦4.66bn; motion pictures, sound recording and music production declined from ₦229.67bn to ₦157.57bn; and broadcasting grew from ₦330.47bn to ₦433.43bn.

Unfortunately, the arts, entertainment and recreation sector recorded a decline from ₦35.69bn to ₦51.85bn. In the financial and insurance sector, the financial institutions’ subsector declined and insurance declined from ₦85.11bn to ₦80.18bn.

The real estate sector was one of the sectors that shrunk, declining from ₦927.32bn to ₦920.49bn. The professional, scientific and technical services sector fell from ₦560.47bn to ₦525.94bn; administrative and support services grew from ₦3.39bn to ₦3.54bn; public administration also grew from ₦283.59bn to ₦375.59bn, but education fell from ₦333.06bn to ₦231.85bn.

While the other services sector declined from ₦702.74bn to ₦473.72bn, the human health and social services sector increased from ₦126.01bn to ₦131.28bn.

From the statistic, Naija News observed that the year has been a tough year for the manufacturing sector with inflation and foreign exchange scarcity negatively impacting growth.