Information and Communication Technology (ICT) and agriculture are among the key sectors that boosted the Gross Domestic Product (GDP) of Nigeria by 2.25 per cent in the third quarter of 2022.
According to a report by the National Bureau of Statistics (NBS) released on Thursday, oil revenue dropped to 4.2% as production also dropped averagely to 1.2 million barrels per day.
This means the economy is steadily relying on the non-oil sector, which contributed 94.34%.
Recall that the Minister of State for Budget and National Planning, Clem Agba, had said the Nigerian economy now runs on revenue from the non-oil sector as oil no longer contributes to the government’s coffers.
But the oil production drop indicated that despite the discovery of illegal pipelines and the signing of a security contract with a former militant leader, Government Oweizide Ekpemupolo, alias Tompolo, the country is yet to meet its OPEC quota.
Meanwhile, NBS has said the GDP was a drop from 4.03% in the third quarter of 2021.
It blamed the slow growth on the recession and the challenging economic conditions that have hindered productive activities.
“The Q3 2022 growth rate decreased by 1.78 per cent points from the 4.03% growth rate recorded in Q3 2021 and decreased by 1.29% points relative to 3.54% in Q2 2022,” it said.
It however said the real GDP grew at 9.68 per cent when compared to the second quarter of 2022, “Reflecting a higher economic activity in Q3 2022 than the preceding quarter.
“In the quarter under review, aggregate GDP stood at N52, 255,809.62 in nominal terms. This performance is higher when compared to the third quarter of 2021 which recorded aggregate GDP of N45, 113,448.06, indicating a year-on-year nominal growth rate of 15.83 per cent.”
It added that agriculture contributed 29.67 per cent in real terms with crop production the major driver of the sector, while industries contributed 18.37 per cent and services 51.96 per cent.