The National Bureau of Statistics (NBS), has released 2nd quarter GDP figures for Nigeria, showing that services were the major driver of growth.
They were mainly driven by the NBS activity sectors, which are often subdivided into segments, and only those accounting for at least 1 percent of GDP at constant market prices.
Education emerged as the leading sector, posting growth of 7.3 percent y/y.
“In light of the current macro headwinds, there has been a squeeze on purchasing power for consumers across the country. Education would often be at the tail end during a cutback in household spending,” said FBN Capital analysts led by Gregory Kronsten in a note released last week
In terms of relative contributions to GDP, trade, information and communication as well as agriculture accounted for 17 percent, 12 percent and 20 percent of the total.
Crop production remained the principle driver of agric output, representing 89 percent of its total, and grew by 3.2 percent y/y.
Growth in the construction sector slowed to 6.4 percent y/y from 11.2 percent in the previous quarter, bringing to an end the double-digit growth “winning streak” it had enjoyed for five consecutive quarters.
“This could reflect both acute pressure on capital spending by government and an election-driven wait-and-see stance from the private sector,” Kronsten said.
This pressure is evident in the contraction of public administration by -10.6 percent y/y in Q2, following -12.5 percent the previous quarter.
PATRICK ATUANYA
