Nigeria’s gross domestic product (GDP) grew by 3.11 percent in the first quarter of 2022, showing sustained positive growth for six consecutive quarters since the recession witnessed in 2020.
According to the National Bureau of Statistics (NBS) report released on Monday, the first quarter of 2022 growth rate further represents an improvement in economic performance. The observed trend since Q4 2020 indicates gradual economic stability.
According to the report, the following were the best and worst-performing sectors in the quarter.
Rail transport and pipelines
The Rail transport sector emerged as the best performing sector in Q1’2022, growing 124.54 percent compared with a contraction of -7.30 percent in Q1’2021 and a contraction of 2.09 percent in Q1’2020.
Air transport
The Air transport sector also grew by a whopping 50.68 percent in the first quarter of 2022 compared with a growth of -11.78 percent in Q1’21 and a contraction of 5.68 percent in the first quarter of 2020.
Metal ores
The metal ores sector emerged as the third performing sector in Q1 ’22, growing by 30.76 percent compared with 28.83 percent in Q1′ 2021 and a contraction of -4.10 percent in Q1 ‘2020.
Financial institutions
The financial institutions’ sector took the fourth spot, growing by 25.43 percent in the first quarter of 2022 compared with a contraction of 0.15 percent in the same period last year. The sector also contracted by 24 percent in the first quarter of 2020.
Telecommunications and information services
The telecommunication and information services sector took the fifth spot with a growth of 14.50 percent in Q1’22 compared with 7.69 percent in the same period last year. The telecommunications and information services sector grew by 9.71 percent in the first quarter of 2020.
Worst performers in Q1 2022
While some sectors performed well, some other sectors performed poorly. These sectors are:
Oil Refining
The oil refining sector contracted -44.26 percent in the first quarter of 2022 compared with a contraction of -57.05 percent in the same period last year and a contraction of -52.81 percent recorded in Q1 ’20.
Crude petroleum and natural gas
The crude petroleum and natural gas sector contracted by -26.04 percent in Q1’22 compared with a contraction of -2.21 percent in the same period of 2021. This sector also contracted by 5.06 percent in Q1’20.
Road transport
This sector contracted by -254.63 percent in Q1’22 compared with a contraction of -23.75 percent in Q1’21, and 2.83 percent in Q1 ’20.
Quarrying and other minerals
In the first quarter of 2022, the quarrying and other minerals sector contracted -13.72 percent compared with a growth of -59.78 percent in Q1’21. The sector also grew -83.03 percent in Q1’20.
Coal mining
The coal and mining sector contracted by -12.97 percent in the first quarter of 2022 compared with a growth of 0.66 percent in Q1’21. The sector contracted by -43.41 percent in the first quarter of 2020.
