Unfortunately, these sectors growth did not reflect in the country’s GDP growth rate as the country experienced a decline in its 2022 nominal GDP.
The decline could be attributed to factors such as inflation, oil vandalism, security problems, and the lingering effects of the Covid-19 pandemic. According to Nigeria’s National Bureau of Statistics, Nigeria’s GDP growth rate for 2022, stood at 3.1% compared to the 3.4% GDP growth rate experienced in 2021. The International Monetary Fund (IMF) projected Nigeria's economic growth to be 3.2% in 2023.
This low projection is due to the effects of external factors such as lower oil production in line with an agreement through OPEC+ (Organization of the Petroleum Exporting Countries, including Russia and other non-OPEC oil exporters), while non-oil growth is expected to remain robust.
Regardless, other sectors are stepping up, while Nigeria’s oil sector is currently experiencing some shortcomings. According to a report by Nairametrics, which was derived from Nigeria’s Gross Domestic Product (GDP) data, here are the 10 sectors in the country that grew by the most figures in 2022.
| Rank |
Sector |
Growth Rate |
|
1.
|
Quarrying and Other Minerals
|
27.52%
|
|
2.
|
Air Transport
|
26.23%
|
|
3.
|
Financial Institutions
|
17.24%
|
|
4.
|
Metal Ores
|
15.98%
|
|
5.
|
Road Transport
|
15.14%
|
|
6.
|
Water Transport
|
14.11%
|
|
7.
|
Water Supply, Sewage, Waste Management, and Remediation
|
13.62%
|
|
8.
|
Telecommunications
|
10.72%
|
|
9.
|
Chemical and Pharmaceutical products
|
9.44%
|
|
10.
|
Insurance
|
8.68%
|
