GDP: Finance and Insurance sector records 23.24% growth in Q1 2022

The Finance and Insurance sector witnessed a growth of 23.24%, higher by 23.70% points from the rate recorded in the 2021 first quarter and down by 0.90% points from the rate recorded in the preceding quarter.

According to the first quarter Gross Domestic Product report released by the National Bureau of Statistics (NBS), the quarter-on-quarter growth in real terms stood at 5.01%.

During the period under review, the contribution of Finance and Insurance to real GDP totalled 4.51%, higher than the contribution of 3.77% recorded in the first quarter of 2021 by 0.74% points, and higher than 3.66% recorded in Q4 2021 by 0.84% points.

Key highlights

• In nominal terms, however, the sector’s contribution to the overall nominal GDP was 3.80% in Q1 2022, higher than the 3.25% it represented the previous year, and higher than the contribution of 3.10% it made in the preceding quarter.
• The  Finance and Insurance Sector consists of the two subsectors, Financial Institutions and Insurance, which accounted for 89.12% and 10.88% of the sector respectively in real terms in Q1 2022.
• As a whole, the sector grew at 32.29% in nominal terms (year-on-year), with the growth rate of Financial Institutions at 34.65% and 15.68% growth rate recorded for Insurance.
• The overall rate was higher than that of Q1 2021 by 30.14% points and higher by 7.36% points than the preceding quarter. Quarter-on-Quarter growth was 12.74%.

Nigeria’s Gross Domestic Product (GDP) grew by 3.11% (year-on-year) in real terms in the first quarter of 2022, indicating the sixth consecutive quarter of positive growth by the Nigerian economy.