Nigeria’s economy, like other economies on the continent and around the world, has suffered massive setbacks over a long period. In this year alone, the inflation rate has hit 20.52%, the US dollar to Naira exchange rate has fallen ridiculously, amongst many other pointers.
However, the Nigerian economy in the second quarter of 2022 grew by 3.54 percent, a 0.43 percent increase compared to the 3.11 percent of the first quarter of the year.
Considering the poor capital inflow in the country, here are the best performing sectors according to a GDP report for the second quarter:
Road transport
The best performing industry in the second quarter of the year is road transport. Mostly because of the increased cost of air transport, the industry grew by 56.38 percent. Although this figure is a decline from 92.38 percent in the second quarter of 2021, it is an improvement from -24.63 percent in the first quarter of this year.
Coal mining
With a growth of 36.06 percent, the coal mining industry follows closely as the second-best performing industry in the country. The figure is an increase from 34.14 percent in the corresponding quarter of 2021 and a -12.97 percent in the first quarter of this year.
Water supply, sewage, waste management, and remediation
Next is the water supply, sewage, waste management, and remediation industry, which experienced a growth of 23.73 percent. It performed better than the 18.48 percent in the corresponding quarter of 2021 and 13.22 percent in the first quarter of the year.
Air transport
Air transport recorded a growth of 22.45 percent in the second quarter of the year, up from 4.98 percent in the second quarter of 2021. This figure declines from the 50.68 percent of the first quarter.
Quarrying and other minerals
The quarrying and other minerals sector slightly behind air transport in terms of growth rate experienced a 22.15 percent improvement in the period under review. This figure is an increase from 5.75 percent in the second quarter of 2021 and -13.72 percent in the first quarter of the year.