In the second quarter of 2022, the Finance and Insurance sector grew by 29.90% in nominal terms.
According to the National Bureau of Statistics’ most recent GDP report.
Financial Institutions grew at a rate of 31.63%, while Insurance grew at a rate of 17.28%.
The Finance and Insurance Sector consists of the two subsectors, Financial Institutions and Insurance, which accounted for 89.10% and 10.90% of the sector respectively in real terms in Q2 2022.
The overall rate was higher than that of Q2 2021 by 31.76% points and lower by 2.39% points than the preceding quarter.
Quarter-on-Quarter growth was -5.19%. The sector’s contribution to the overall nominal GDP was 3.63% in Q2 2022, higher than the 3.21% it represented a year previous, and lower than the contribution of 3.80% it made in the preceding quarter.
Growth in this sector in real terms totalled 18.48%, higher by 20.96% points from the rate recorded in the 2021 second quarter and down by 4.76% points from the rate recorded in the preceding quarter.
Quarter-on-Quarter growth in real terms stood at -5.96%.
The contribution of Finance and Insurance to real GDP totalled 4.25%, higher than the contribution of 3.72% recorded in the second quarter of 2021 by 0.54% points, and lower than 4.51% recorded in Q1 2022 by 0.25% points.
Nairametrics reported that Nigeria’s gross domestic product (GDP) grew by 3.54% year-on-year in real terms in the second quarter of 2022, an improvement compared to the 3.11% growth recorded in the previous quarter.
On a year-on-year basis, the second quarter of 2022 growth rate decreased by 1.47% points from 5.01% growth rate recorded in the corresponding quarter in 2021. The oil sector GDP decline continued with a 11.77% dip year-on-year in Q2 2022, compared to a contraction of 26.04% recorded in Q1 2022.
