Fastest growing sectors in the Nigerian economy as of Q3 2022

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: