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Road transport posts best sub-sector growth in Q2 2022

Yuletide: Excitement, commendations trail Tinubu’s transport subsidy

Despite its challenges, Nigeria’s road transport sector was the best performing in the second quarter of 2022 with a 56.38 percent growth, based on the recent GDP data released by the National Bureau of Statistics (NBS), which showed the economy grew by 3.54 percent in real terms.

The contribution of transport activities to Nominal GDP in Q2 2022 was 2.79 percent, greater than the 1.60 percent contribution in the first quarter of 2022 and up from the 2.09 percent reported in the same period of 2021.

Compared to the 124.54 percent recorded in the previous quarter, the rail sector suffered a decline of 37.90 percent in Q2 2022, a decrease of 69.57 percent.

Air transport was 50.68 percent in Q1 2022, compared to 22.45 percent recorded in Q2 2022, and water transport saw a decrease of 3.02 percent in Q2 2002.

Read also: More Nigerians resort to trekking as transport fares soar

The Transportation sector increased by 51.66 percent in real terms in the second quarter of 2022, a decrease of 25.15 percent percentage points from the same quarter last year and up by 69.07 percent from Q2 2020. Quarter-on-Quarter, growth was 66.19 percent.

The contribution of the sector to real GDP in the Q2 2022 totalled 1.84 percent, a rise from 1.26 percent recorded in the preceding year and higher than 1.10 percent recorded in the first quarter of 2022.

The sector’s growth rate is, however, a decline from the 92.38 percent growth rate in Q2 2021 and an improvement from -24.63 percent in Q1 2022.