The National Bureau of Statistics (NBS) has been conducting Establishment Surveys to provide data  for the estimation of the Gross Domestic Product (GDP) for the country. In 2008, NBS started to  improve the GDP series by conducting Quarterly Establishment Surveys (QES) for the four quarters  of each year to provide timely estimates for decision and policy-making.  

In 2018, the National Bureau of Statistics (NBS) conducted the Quarterly Establishment Surveys for  the first three quarters of 2018 (Q1-Q3/ 2018), while the fourth quarter survey for 2018, and the first,  second and third quarter survey for 2019 were conducted in 2019. Moreover, the fourth quarter  survey for 2019, the first, second and third quarter surveys of 2020 were conducted in 2020.  Similarly, the fourth quarter survey for 2020, the first, second and third quarter surveys for 2021 were  conducted in 2021. Nevertheless, the fourth quarter survey for 2021, the first, second and third  quarter survey for 2022 were conducted this year. These surveys produced the data that were  used for the compilation of the quarterly GDP for the four quarters of 2018(Q1 – Q4, 2018), the four  quarters of 2019 (Q1 – Q4, 2019), the four quarters of 2020(Q1-Q4, 2020), the four quarters of 2021 (Q1-Q4, 2021) and the three quarters of 2022 (Q1-Q3 2022). 

In subsequent sections of this report, emphasis will be given to the composition of GDP in the third quarter of 2022. The Bureau will also be looking at the corresponding quarter of 2021 and the  immediate past quarter of 2022 (Q2 2022).

Nigeria’s Gross Domestic Product (GDP) grew by 2.25% (year-on-year) in real terms in the third quarter of 2022. This growth rate declined from 4.03% in the third quarter of 2021. The reduction in  growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities. The Q3 2022 growth rate decreased by 1.78% points from the 4.03% growth rate recorded in Q3 2021 and decreased by 1.29% points relative to 3.54% in Q2 2022. However, quarter-on-quarter, real GDP grew at 9.68% in Q3 2022, reflecting a higher economic activity in Q3 2022 than the preceding quarter. 

In the quarter under review, aggregate GDP stood at N52,255,809.62 million in nominal terms. This  performance is higher when compared to the third quarter of 2021 which recorded aggregate  GDP of N45,113,448.06 million, indicating a year-on-year nominal growth rate of 15.83%. The  nominal GDP growth rate in Q3 2022 was higher relative to the 15.41% growth recorded in the third  quarter of 2021 and higher compared to the 15.03% growth recorded in the preceding quarter. 

For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.  

The nation in the third quarter of 2022 recorded an average daily oil production of 1.20 million barrels  per day (mbpd), lower than the daily average production of 1.57mbpd recorded in the same quarter  of 2021 by 0.37mbpd and lower than the second quarter of 2022 production volume of 1.43 mbpd by  0.24mbpd. 

The real growth of the oil sector was –22.67% (year-on-year) in Q3 2022 indicating a decrease of 11.94% points relative to the rate recorded in the corresponding quarter of 2021. Growth also  decreased by 10.91% points when compared to Q2 2022 which was –11.77%. Quarter-on-Quarter,  the oil sector recorded a growth rate of -1.80% in Q3 2022. The Oil sector contributed 5.66% to the  total real GDP in Q3 2022, down from the figures recorded in the corresponding period of 2021 and  the preceding quarter, where it contributed 7.49% and 6.33% respectively.  

The non-oil sector grew by 4.27% in real terms during the reference quarter (Q3 2022). This rate was  lower by 1.18% points compared to the rate recorded same quarter of 2021 and 0.50% points lower than the second quarter of 2022. This sector was driven in the third quarter of 2022 mainly by Information and Communication (Telecommunication); Trade; Transportation (Road Transport); Financial and Insurance (Financial Institutions); Agriculture (Crop Production) and Real Estate, accounting for positive GDP growth. In real terms, the non-Oil sector contributed 94.34% to the  nation’s GDP in the third quarter of 2022, higher than the share recorded in the third quarter of  2021 which was 92.51% and higher than the second quarter of 2022 recorded as 93.67%. 

The Mining & Quarrying sector consists of Crude Petroleum and Natural Gas, Coal Mining, Metal ore  and Quarrying and other Minerals sub-activities. This sector grew nominally by 34.26% (year-on-year) in  Q3 2022. Quarrying and Other Minerals exhibited the highest growth rate of all the sub-activities at  62.52%, followed by Metal Ore activity at 51.47%. However, Crude Petroleum and Natural gas was the  main contributor to the sector with a weight of 87.52% in Q3 2022. Comparing Q3 2022’s rate of growth  relative to Q3 2021 and Q2 2022 growth rates, there was a rise of 38.91% points and a fall of 15.49%  points respectively. The Mining & Quarrying sector contributed 7.32% to the overall GDP in the third quarter of 2022, higher than the contributions recorded in 2021 third quarter at 6.32% and lower than  the previous quarter recorded at 8.20%.  

In real terms, the Mining and Quarrying sector grew by –21.31% (year-on-year) in the third quarter of  2022. Compared to the same quarter of 2021 and the second quarter of 2022, it was lower by 10.75%  points and lower by 10.21% points respectively. Quarter on quarter, the growth rate recorded was - 0.63% during the quarter. The contribution of Mining and Quarrying to Real GDP in the quarter under  review stood at 5.90%, lower than the rate of 7.66% recorded in the corresponding quarter of 2021 and  lower than the 6.51% recorded in the second quarter of 2022. 

Four sub-activities make up the Agricultural sector: Crop Production, Livestock, Forestry and  Fishing. The sector grew by 20.07% year-on-year in nominal terms in Q3 2022, showing an increase of 12.13% points from the same quarter of 2021. Looking at the preceding quarter’s growth rate of  13.83%, there was an increase of 6.24% points. Crop Production remained the major driver of the  sector. This is evident as it accounts for 91.98% of the overall nominal growth of the sector in the third quarter of 2022. 

Quarter-on-Quarter growth stood at 46.07% in the third quarter of 2022. Agriculture contributed  27.55% to nominal GDP in the third quarter of 2022. This figure was higher than the rate recorded  for the third quarter of 2021 and higher than the second quarter of 2022 which recorded 26.57%  and 21.90% respectively.  

The agricultural sector in the third quarter of 2022 grew by 1.34% (year-on-year) in real terms, an increase of 0.12% points from the corresponding period of 2021, and an increase of 0.14% points  from the preceding quarter which recorded a growth rate of 1.20%. It grew on a quarter-on quarter basis at 40.02%.  

However, the sector contributed 29.67% to overall GDP in real terms in Q3 2022, lower than the  contribution in the third quarter of 2021 and higher than the second quarter of 2022 which stood  at 29.94% and 23.24% respectively.  

The Manufacturing sector is comprised of thirteen activities: Oil Refining; Cement; Food, Beverages  and Tobacco; Textile, Apparel, and Footwear; Wood and Wood products; Pulp Paper and Paper  products; Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber  products; Electrical and Electronic; Basic Metal and Iron and Steel; Motor Vehicles and Assembly;  and Other Manufacturing.  

Nominal GDP growth of the Manufacturing sector in the third quarter of 2022 was recorded at  2.20% (year-on-year), 30.53% points lower than the figure recorded in the corresponding period of  2021 (32.73%) and 3.01% points lower than the preceding quarter figure of 5.21%. Quarter-on Quarter, growth of the sector was recorded at 23.15% during the quarter. The contribution of  Manufacturing to Nominal GDP in the third quarter of 2022 was 13.75%, lower than the figure  recorded in the corresponding period of 2021 at 15.59% and higher than the second quarter of  2022 at 12.97%. 

Real GDP growth in the manufacturing sector in the third quarter of 2022 was -1.91% (year-on year), lower than the same quarter of 2021 and lower than the preceding quarter by 6.20% points  and 4.91% points respectively. The growth rate of the sector on a quarter-on-quarter basis stood  at 8.95%. The Real contribution to GDP in the 2022 third quarter was 8.59%, lower than the 8.96%  recorded in the third quarter of 2021 and lower than the 8.65% recorded in the second quarter of 2022.  

The Electricity, Gas, Steam and Air conditioning Supply sector recorded a year-on-year growth of  -3.07% in the third quarter of 2022. This was 46.21% points lower than the 43.14% growth rate  recorded in the corresponding quarter of 2021, and 3.90% points higher than the growth rate of - 6.97% recorded in the quarter before. Quarter–on-Quarter, the sector recorded a growth rate of  -39.99% in Q3 2022. The contribution of Electricity, Gas, Steam and Air Conditioning Supply to  Nominal GDP in the third quarter of 2022 was 0.72%, lower than the contribution made in the  corresponding quarter of 2021 at 0.86% and lower than its contribution of 1.39% in the quarter  before.  

In real terms, the sector grew by -3.56% in Q3 2022, a decline from the growth rate of 14.36%  recorded in the same quarter of 2021. When compared to the immediate past quarter, there was  an increase of 7.92% points from -11.48% recorded. On a Quarter-on-Quarter, the sector grew at  a rate of -40.08%. The contribution of this sector to real GDP in the third quarter of 2022 was 0.38%,  lower than the 0.40% recorded in Q3 2021. Moreso, the figure in 2022 was lower than the 0.69%  recorded in Q2 2022. 

This sector grew by 32.57% in nominal terms (year-on-year) in the 2022 third quarter, a fall of 6.56%  points compared to the rate of 39.13% recorded in the same quarter of 2021. There was an  increase of 6.96% points when compared to the rate recorded in the preceding quarter. Nominal  growth quarter-on-quarter was recorded at -23.72%. Water Supply, Sewerage, Waste  Management and Remediation sector contributed 0.30% to nominal GDP in the third quarter of  2022, higher than the 0.27% it contributed a year earlier and lower than the 0.46% contributed in  the second quarter of 2022.  

The real growth rate of the Water Supply, Sewerage, Waste Management and Remediation sector  in the third quarter of 2022 was recorded at 3.89% (year-on-year), lower by 9.09% points from the  rate recorded in the previous year. Relative to the preceding quarter, there was a decrease of  19.84% points. Quarter-on-quarter, the sector grew by -42.39% in real terms. 

Its contribution to total real GDP was 0.19% in the third quarter of 2022; higher than its contribution  of 0.18% in the same quarter of the previous year, and lower than the immediate past quarter  where it contributed 0.35%.  

The Construction sector grew by 18.92% in nominal terms (year-on-year) in the 2022 third quarter,  a drop of 28.75% points compared to the rate of 47.67% recorded in the same quarter of 2021.  There was an increase of 14.30% points when compared to the rate recorded in the preceding  quarter. Nominal growth quarter-on-quarter was recorded at 38.89%. Construction contributed  9.50% to nominal GDP in the third quarter of 2022, higher than the 9.26% it contributed a year  earlier and higher than the 7.95% contributed in the second quarter of 2022.  

The real growth rate of the construction sector in the third quarter of 2022 was recorded at 5.52%  (year-on-year), higher by 1.42% points from the rate recorded in the previous year. Relative to the  preceding quarter, there was an increase of 1.50% points. Quarter-on-quarter, the sector grew by  13.58% in real terms. 

Its contribution to total real GDP was 3.32% in the third quarter of 2022; higher than its contribution  of 3.22% in the same quarter of the previous year, and higher than in the immediate past quarter  where it contributed 3.21%.  

In the third quarter of 2022, the nominal year-on-year growth rate of Trade stood at 13.17%. This  indicates a decrease of 1.67% points when compared to the third quarter of 2021 growth rate of  14.84% and 1.42% points lower than the previous quarter's growth rate of 14.59%. The quarter-on quarter growth rate was 0.95%. Trade’s contribution to Nominal GDP in the third quarter of 2022 was 12.45%, lower than the contribution in the same quarter of the previous year of 12.75%, and lower than the preceding quarter recorded at 14.32%. 

In real terms, Trade’s year-on-year growth stood at 5.08% in the third quarter of 2022, which was 6.82% points lower than the rate recorded in the previous year at 11.90%, and 0.57% points higher  than in the preceding quarter at 4.51% growth rate. Quarter-on-quarter growth stood at 0.13%.  This growth was lower than the quarter-on-quarter growth recorded in the second quarter of 2022 at 3.83%. Trade’s contribution to GDP was 15.35%, higher than the 14.93% it represented in the  previous year, and lower than the 16.81% recorded in the 2022 second quarter. 

In nominal terms, Accommodation and Food Services grew by 22.15% year -on- year in 2022 third  quarter. This represents an increase of 2.95% points relative to the same quarter of 2021 when the  growth rate was 19.20%. Growth was higher than the preceding quarter by 0.20% points when  growth was 21.95%. Quarter-on-quarter growth stood at 99.97%. Accommodation and Food  Services contribution to nominal GDP stood at 0.90% in the third quarter of 2022, higher than the  figure recorded in the previous year and higher than the second quarter of 2022 contribution  recorded at 0.86% and 0.52% respectively. 

The real year-on-year growth rate for this sector in the 2022 third quarter stood at 6.77%, higher by  4.68% points from 2.09% recorded in the previous year. Relative to the preceding quarter, the  growth rate was 3.74% points higher than the 3.03% recorded. Quarter-on-quarter, real growth  was 99.02%. The sector in the third quarter of 2022 represented 0.72% of the real GDP, which is 

higher than the contribution of 0.69% recorded in the third quarter of 2021 and higher than the  second quarter of 2022 contribution of 0.39%.  

Six activities make up the Transportation and Storage sector: Road Transport; Rail Transport and  Pipelines; Water Transport; Air Transport; Transport Services; and Post and Courier Services. 

The sector grew by 39.64% in nominal terms in the third quarter of 2022 (year-on-year). This rate was  lower relative to the figure of 41.61% recorded for the corresponding quarter of 2021 and lower than  53.83% in the previous quarter. Five of the six sub-activities under the Transport and Storage industry  recorded positive growth rates in the third quarter of 2022. Quarter-on-Quarter growth stood at -21.57%.  Transport activities contributed 1.89% to Nominal GDP in Q3 2022, an increase from the 1.57% recorded  in the corresponding period of 2021, and lower than the 2.79% recorded in the second quarter of 2022.  

In real terms, the Transportation and Storage sector grew by 41.59% in Q3 2022. This rate represents an increase of 20.99% points relative to the same quarter of the previous year and a decrease of 10.07%  points relative to the preceding quarter. Quarter-on-Quarter, growth was -19.87%. The contribution of  the sector to real GDP in the Q3 of 2022 was 1.34%, a rise from 0.97% recorded in the preceding year  and lower than 1.84% recorded in the second quarter of 2022. 

The Information and Communication sector is composed of the four activities of  Telecommunications and Information Services; Publishing; Motion Picture, Sound Recording and  Music Production; and Broadcasting. 

In nominal terms, in the third quarter of 2022 the sector growth was recorded at 20.32% (year-on year), a 9.15% points increase from the rate of 11.17% recorded in the same quarter of 2021, and  6.20% points higher than the rate recorded in the preceding quarter. The Quarter-on- Quarter  growth rate recorded in the third quarter of 2022 was -8.25%. The Information and  Communications sector contributed 9.58% to the total Nominal GDP in the 2022 third quarter,  higher than the rate of 9.22% recorded in the same quarter of 2021 and lower than the 12.12% it  contributed in the preceding quarter.  

The sector in the third quarter of 2022 recorded a growth rate of 10.53% in real terms, year-on year. From the rate recorded in the corresponding period of 2021, there was an increase of 0.87%  points. On a Quarter-on-Quarter, the sector exhibited a growth of -8.70% in real terms. Of total  real GDP, the sector contributed 15.35% in the 2022 third quarter, higher than in the same quarter  of the previous year in which it represented 14.20% and lower than the preceding quarter in which  it represented 18.44%.  

In Nominal terms, the growth of Arts, Entertainment and Recreation sector was 22.74% in the third quarter of 2022 (year-on-year), representing an increase of 9.49% points relative to the preceding  quarter's growth rate of 13.25% and an increase of 18.37% points compared with the year-earlier  growth rate of 4.37%. On a quarterly basis, growth was recorded at 4.19%, higher than the quarter on-quarter growth of Q2 2022 recorded at -30.62%. The activity contributed 0.14% to the total  nominal GDP in the third quarter of 2022. This contribution was relatively higher than the 0.13% it  contributed in Q3 of 2021 and lower than the 0.16% it contributed in Q2 of 2022.  

In real terms, the activity grew by 7.79% year-on-year which was higher than the rate recorded in  Q3 2021 by 4.11% points, and higher by 7.67% points when compared with that of the preceding  quarter. Quarter-on-Quarter, growth stood at 3.33% in real terms. Overall, Art, Entertainment and  Recreation contributed 0.19% to real GDP in Q3 2022, slightly higher than the 0.18% recorded in  2021 and lower than the 0.21% recorded in the second quarter of 2022.  

In nominal terms, Real Estate Services in the third quarter of 2022 grew by 9.13%, higher by 0.50%  points than the growth rate reported for the same period in 2021 and lower by 3.68% points  compared to the preceding Quarter. On a Quarter-on-Quarter, the sector growth rate was  16.38%. The contribution to nominal GDP in Q3 2022 stood at 4.96%, relative to 5.27% recorded in the third quarter of 2021 and higher than the 4.95% accounted for in the second quarter of 2022. 

Real GDP growth recorded in the sector for the third quarter of 2022 stood at 4.56%, higher than  the growth recorded in the third quarter of 2021 by 2.24% points, and higher by 0.15% points  relative to Q2 2022. On a Quarter-on-quarter, the sector grew by 15.59% in the third quarter of  2022. It contributed 5.61% to real GDP in Q3 2022, higher than the 5.49% it recorded in the  corresponding quarter of 2021.

The Finance and Insurance Sector consists of the two subsectors, Financial Institutions and  Insurance, which accounted for 89.99% and 10.01% of the sector respectively in real terms in Q3 2022.  

As a whole, the sector grew at 21.37% in nominal terms (year-on-year), with the growth rate of  Financial Institutions at 20.65% and a 28.26% growth rate recorded for Insurance. The overall rate  was lower than Q3 2021 by 5.09% points, and lower by 8.53% points than the preceding quarter.  The Quarter-on-Quarter growth was -9.40%. The sector’s contribution to the overall nominal GDP  was 2.83% in Q3 2022, higher than the 2.70% it represented a year previous, and lower than the  contribution of 3.63% it made in the preceding quarter.  

Growth in this sector in real terms totalled 12.70%, lower by 10.53% points from the rate recorded  in the 2021 third quarter and down by 5.78% points from the rate recorded in the preceding  quarter. Quarter-on-Quarter growth in real terms stood at -10.14%. The contribution of Finance  and Insurance to real GDP totalled 3.49%, higher than the contribution of 3.16% recorded in the 

third quarter of 2021 by 0.32% points, and lower than 4.25% recorded in Q2 2022 by 0.77% points. 

In the third quarter of 2022, Professional, Scientific and Technical Services recorded a nominal  growth of 10.10% (year-on-year), which is 6.33% points higher than Q3 2021, and 1.69% points lower  than the rate recorded in Q2 2022. Quarter-on-Quarter, the sector grew by 17.31%. The  contribution of Professional, Scientific and Technical Services to nominal GDP was 2.62% in Q3 

2022, down from the 2.76% contribution in Q3 2021 and up from the 2.59% recorded in Q2 2022.  

Real growth in the sector was recorded at 2.23% in Q3 2022, an increase of 1.11% points relative  to the rate recorded in the corresponding period of 2021, and 0.27% points higher than that of Q2 2022. On a quarter-on-quarter basis, the sector grew by 16.36% in Q3 2022. Professional, Scientific  and Technical Services contributed 3.23% to aggregate GDP in Q3 2022, relatively the same as  the contribution of 3.23% in Q3 2021 and higher than the 3.04% recorded in Q2 2022.  

In nominal terms, the Administrative and Support Services sector grew by 11.93% (year-on-year) in  Q3 2022, higher by 5.86% points compared to the third quarter of 2021 and higher by 0.02% points  than the growth rate in the previous quarter. Quarter-on-Quarter, the growth rate in the sector  was 20.48% in Q3 2022. The contribution of Administrative and Support Services to nominal GDP  was 0.02% in Q3 2022, relatively the same as the 0.02% it contributed in the same period in 2021 and the 0.02% it contributed in the preceding quarter.  

In real terms, the sector recorded a growth rate of 3.93% (year-on-year), an increase of 0.57%  points from the corresponding quarter of 2021 and an increase of 1.86% points from the rate  recorded in Q2 2022. Quarter–on-Quarter, the sector grew by 19.51% in Q3 2022. The sector’s  contribution to real GDP was 0.02% in the 2022 third quarter, roughly unchanged from the  corresponding quarter in 2021 and 2022 second quarter. 

In nominal terms, the Public Administration sector grew by 10.20% in Q3 2022, higher by 7.73%  points from the corresponding quarter of 2021 and lower by 1.64% points relative to Q2 2022.  Quarter-on-Quarter, the sector grew by 4.47%. The contribution of Public Administration to Nominal  GDP stood at 1.67% in Q3 2022, lower than the 1.75% recorded in Q3 2021 by 0.09% points and  lower than the 1.85% recorded in Q2 2022 by 0.19% points.  

In real terms, the sector recorded a growth rate of 2.33% (year-on-year) in Q3 2022, higher by  2.47% points and higher by 0.32% points from the Q3 2021 rate and the Q2 2022 rate respectively.  On Quarter-on-Quarter, the sector grew by 3.62% in Q3 2022. The contribution of Public  Administration to Real GDP stood at 2.05% in Q3 2022, relatively the same as the 2.05% recorded in Q3 2021 and lower than 2.17% in Q2 2022. 

Nominal growth in the Education sector in the third quarter of 2022 was 5.31% (year-on-year),  down by 2.44% points from the growth of 7.75% reported in the corresponding quarter of 2021,  and down by 0.91% points when compared to Q2 2022 growth rate of 6.23%. The Quarter-on Quarter growth rate was 38.04%. The contribution of Education to nominal GDP in Q3 2022 was  1.40%; down from 1.54% estimated in Q3 2021 and up from 1.17% in Q2 2022.  

Real growth in Education year-on-year stood at 1.10% in Q3 2022; a decrease of 0.27% points from  the corresponding quarter of 2021 which was estimated at 1.37%. When compared with the  previous quarter’s rate of 1.16%, the sector’s growth decreased by 0.06% points. The Sector  contributed 1.68% to total real GDP in Q3 2022 which was slightly lower than the 1.69% reported  for the corresponding Quarter in 2021 and higher than the 1.34% recorded in Q2 2022. 

The year-on-year growth rate for Human Health and Social Services in nominal terms was 15.36%,  up relative to the growth rate of 11.20% reported in the same quarter of 2021 by 4.15% points and up by 1.78% points compared to Q2 2022. Quarter-on-Quarter growth was 2.61%. The contribution  to nominal GDP was 0.59% in Q3 2022, relatively the same as the 0.59% recorded in Q3 2021 and  down from the 0.67% recorded in Q2 2022. 

Real GDP growth of Human Health and Social Services for Q3 2022 stood at 4.58% (year-on-year)  compared to 4.99% for the corresponding period of 2021 which shows a fall of 0.41% points. The  growth in Q3 2022 was higher than the growth recorded in Q2 2022 by 2.35% points. Quarter-on Quarter, this sector grew by 1.88%. The contribution of Human Health and Social Services to real  GDP was 0.71% in Q3 2022, higher than the figure recorded in Q3 2021 and lower than the 0.76%  recorded for the preceding quarter.  

In nominal terms, Other Services grew by 4.82% (year-on-year) in Q3 2022. This growth rate was  higher than the 3.37% growth rate recorded in the same quarter of the previous year and lower  than the growth rate of 12.99% in Q2 2022 by 1.45% points and 8.16% points respectively. Quarter on-Quarter growth was -10.21%. This sector contributed 1.81% to the aggregate nominal GDP in  Q3 2022, lower than the 2.00% it contributed in the same period of the previous year and lower  than the 2.34% it contributed in the preceding quarter.  

Other Services’ real GDP grew by -2.67% (year-on-year) in Q3 2022. This growth was lower by 3.40%  points than the growth recorded in the same period of the previous year, and lower by 5.72%  points from Q2 2022. Quarter-on-Quarter growth was -10.94%. The sector contributed 2.23% to real  GDP in Q3 2022, lower than the 2.34% recorded for the corresponding quarter of 2021 and lower  than the 2.74% recorded in Q2 2022.