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Nigerian Economy Shrinks By N63bn, 28 Sectors Struggle
No fewer than 28 sectors of the economy declined in the second quarter of 2022 as real Gross Domestic Product (GDP) shrunk by N63.49billion quarter-on-quarter.
While real GDP grew by 3.54per cent year-on-year in Q2 2022, it declined by 0.37per cent from the N17.35trillion that was recorded in the first quarter of 2021 to N17.29trillion in Q2, 2022, the National Bureau of Statistics (NBS)data revealed.
The NBS blamed this decline on lower economic activity that was witnessed in Q1 2021.
The analysis of real GDP data revealed that only 18 of the 46 NBS captured economic activity sectors experienced growth in the quarter under review.
According to the data from the statistics body, the agriculture sector witnessed mixed positives, with two sub-sectors witnessing growth and the other two recording a decline.
Crop production grew from N3.39trillion to N3.59trillion; livestock declined from N318.49billion to N282.02billion; forestry grew from N44.14billion to N51.28billion; while fishing declined from N125.46billion to N88.3billion.
In the mining and quarrying sector, crude petroleum and natural gas declined from N1.15trillion to N1.09trillion; coal mining grew from N1.61billion to N4.79billion; metal ores declined from N4.87billion to N1.26billion; and quarrying other minerals grew from N363.29million to N25.51billion.
The 2022 has been a tough year for the manufacturing sector with inflation and foreign exchange scarcity negatively impacting growth.
Only three of the 13 subsectors in the manufacturing sector recorded any growth in the quarter under review.
Oil refining grew from N1.66billion to N2.82billion; cement declined from N188.81billion to N143.74billion; food, beverage and tobacco declined from N875.94billion to N760.08billion; textile, apparel, and footwear declined from N342.48billion to N283.34billion; wood and wood products declined from N53.81billion to N44.41billion; whereas pulp, paper, and paper products declined from N13.38billion to N9.70billion.
Chemical and pharmaceutical products grew from N42.75billion to N47.37billion; non-metallic products declined from N63.52billion to N49.24billion; plastic and rubber products declined from N60.12billion to N53.01billion; electrical and electronics increased from N839.34million to N921.50million; basic metal, iron and steel declined from N39.93billion to N37.31billion; motor vehicles and assembly declined from N9.53billion to N7.63billion; and other manufacturing declined from N76.07billion to N55.55billion.
The electricity, gas, steam and air conditioning supply sector grew from N32.72billion to N118.79billion.
The water supply, sewerage, waste management and remediation sector grew from N39.06billion to N61.12billion.
Construction declined from N725.99billion to N554.11billion.
The trade sector grew from N2.79trillion to N2.91trillion.
Accommodation and food services also recorded a decline from N173.41billion to N68.17billion.
Under the transportation and storage sector, road transport grew from N151.97billion to N293.85billion; rail transport and pipelines declined from N40.96million to 19.92million; water transport increased from N802,77million to N1.04billion; air transport declined from N25.26billion to N9.69billion; transport services grew from N7.11billion to N11.14billion; and post and courier services declined from N6.26billion to N2.42billion.
Seen as one of the bright spots of the economy, telecommunications and information services under the information and communication sector grew from N2.25trillion to N2.59trillion; publishing declined from N5.45billion to N4.66billion; motion pictures, sound recording and music production declined from N229.67billion to N157.57billion; and broadcasting grew from N330.47billion to N433.43billion.
The arts, entertainment and recreation sector declined from N35.69billion to N51.85billion.
In the financial and insurance sector, the financial institutions subsector declined and insurance declined from N85.11billion to N80.18billion.
The real estate sector was one of the sectors that shrunk, declining from N927.32billion to N920.49billion.
The professional, scientific and technical services sector fell from N560.47billion to N525.94billion; administrative and support services grew from N3.39billion to N3.54billion; public administration also grew from N283.59billion to N375.59billion, but education fell from N333.06billion to N231.85billion.
While the other services sector declined from N702.74billion to N473.72billion, the human health and social services sector increased from N126.01billion to N131.28billion.
In a statement addressing the general GDP, the Founder/Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, disclosed that productivity and competitiveness issues had continued to negatively impact performance across sectors of the economy.
He stated that the general operating environment of the nation was also very challenging for most investors, with SMEs particularly more vulnerable to prevailing macroeconomic shocks, resulting in high mortality rate for small businesses.
He said, “Many businesses are struggling to cope with the numerous challenges and shocks to the economy. On the welfare front, the citizens are also experiencing serious economic hardship as a result of the galloping inflation and the impact on purchasing power.”
News
US Embassy, Lagos Consulate Close Today For President’s Day
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
News
Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.
News
Four To Face Death Penalty Over DPO Angbashim’s Murder
A Rivers State High Court sitting in Port Harcourt has convicted and sentenced four persons to death by hanging over the gruesome killing of the former Divisional Police Officer of Ahoada East Police Division, SP Bako Angbashim.
The presiding Judge, Justice Sika Aprioku, in a landmark judgment, last Thursday, found the quartet guilty of conspiracy, murder, membership of a secret cult group and robbery, saying the prosecution proved its case beyond reasonable doubt.
Those sentenced to death by hanging are Robinson Sonabari, identified as a native doctor; Bright Okparawo; Precious Amaeze, popularly known as Selina; and Loveday Jack, also known as Ragged Excess. The court ordered that they be hanged by the neck until they are confirmed dead.
Justice Aprioku also convicted the sixth defendant, Samuel Nwadinma, and sentenced him to three years imprisonment for conspiracy.
The third accused person was, however, discharged and acquitted of the four-count charge.
In the same vein, the court discharged Famous Okechukwu, Samuel Uchendu, Oyekachi Ikonwa, Godbless Nnamdi and Marshall Daniel, who were earlier found guilty of membership of a secret cult group, on the grounds that they had already served the maximum terms prescribed by law in the correctional facility.
The court held that among those convicted was the native doctor who allegedly prepared the charm used in the killing of the late DPO.
Speaking with newsmen shortly after the judgment, the lead prosecution counsel from the Rivers State Ministry of Justice, Chigozie Amadi, alongside a representative of the police legal team, Celestine Dickson, commended the judiciary for ensuring that justice was served.
Dickson, who represented the Nigeria Police Force in the joint prosecution, expressed concern that officers saddled with the responsibility of protecting lives and property had increasingly become targets of criminal elements.
He, however, expressed optimism that the judgment would serve as a strong deterrent to would-be offenders.
Also reacting, the elder brother of the late DPO, Akasco Angbashim, who travelled from Nasarawa State to witness the judgment, said the verdict had healed a long-standing wound inflicted on the family since the brutal murder of their brother.
He commended the judiciary, the Rivers State Government and the police for their commitment to justice, stressing that the judgment sends a clear message that no individual has the right to unlawfully take another person’s life.
The four convicts were among 72 persons initially arraigned before the State High Court by a joint prosecution team comprising the Department of Public Prosecutions and the Rivers State Police Command over the murder.
During the trial, 61 accused persons, including the Eze Ekpeye Logbo, Eze Kelvin Anugwo, and a former Ahoada East Council Chairman, Cassidy Ikegbidi, were discharged and acquitted for lack of evidence, leaving 13 defendants to face judgment.
SP Angbashim was gruesomely murdered on September 8, 2023, during a police operation in Odemude community, Ahoada East Local Government Area.
His killing sparked tension in the area, prompting a joint security operation that led to the death of the suspected cult leader, David Okparanwo, popularly known as 2Baba.
By: King Onunwor
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