You are here: HomeNews2022 11 28Article 608027

General News of Monday, 28 November 2022


Fastest growing sectors in the Nigerian economy as of Q3 2022

Transport Transport

Nigeria’s transportation and financial sectors led the list of the fastest-growing sectors in the third quarter of 2022, printing real growths of 41.59% and 12.7%, respectively.

This is contained in the Q3 2022 Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS).

The Nigerian economy expanded by 2.25% in real terms year-on-year in Q3 2022, largely due to positive movement in the non-oil sector. However, the growth was at a slow pace compared to the previous quarter (3.54%) due to local and international constraints.

Meanwhile, in broad sectoral disaggregation, fifteen of the nineteen sectors recorded a year-on-year positive growth, while four of them printed contractions.

The sectors with negative growth in the period were manufacturing (1.91%), other services (2.67%), electricity (3.56%), and mining and quarrying (21.31%).

Sectors in recession: An economy is said to be in a recession if the aggregate GDP declines for two consecutive quarters.

Two sectors remained in recession in broad sectoral classification. They are: