The National Bureau of Statistics (NBS) has revealed that five sectors of the economy are in a recession.
NBS disclosed this is its latest Gross Domestic Report published on its website.
According to the report, the sectors since the start have failed to record positive growth in three quarters of 2022.
The sectors include Crude Petroleum and Natural Gas,Coal Mining, and Oil Refining.
Others are Textile, Apparel and Footwear, Electricity, Gas, Steam and Air Conditioning Supply.
The lack of growth in the aforementioned sectors could spell bad news for Nigerians engaged in companies around the sectors.
A breakdown from the GDP report showed that Crude Petroleum and Natural Gas in the third quarter recorded negative growth of 22.67 per cent to continue the -26.04 and -11.77 negative growth in Q1 and Q2.
In fact, the sector has been in recession since the second quarter of 2022.
For coal mining, the sector in Q3 reported 43.49 per cent negative growth, while in Q2 and Q1, it was -12.97 percent and – 36.06 percent, respectively
Oil Refining reported a negative growth of 44.70 percent in the third quarter, while the textile, apparel and footwear sector recorded a negative growth of 3.98 per cent.
Electricity, gas, steam and air conditioning supply sector had negative growth of 3.5 per cent in Q3 continued from 11.20 per cent and 11.48 per cent reported in Q2 and Q1, 2022.
Meanwhile, as earlier reported by Ripples Nigeria, Nigeria’s GDP growth rate slowed by 2.25% (year-on-year) in real terms in the third quarter of 2022.
This is lower than the 3.54% growth rate reported in the second quarter and was 3.11% growth rate reported in the first quarter of 2022.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
Students suffer as contractors abandon Kano school projects after receiving over N70m
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to...
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government...
INVESTIGATION: How N70m road construction created more hardship for Sokoto residents
“To address recurrent accidents on Gagi to Gidan Dilo road and Fakon Idi roads, in Sokoto State, the Federal Government,...
INVESTIGATION: Inside Kwara school where students are used as labour on teachers’ private farms
In this report, SHEREEFDEEN AHMAD uncovered how young students in Kwara State, Nigeria, are being used for labour work on...
INVESTIGATION: How Kano SUBEB awarded contracts to inactive contractors, non-existent schools
In an effort to address issues hindering quality education, the Kano State Government in 2020 awarded N88,406,667.10 for the construction...