Road Transport And Coal Mining Are The Fastest Growing Sector In Nigeria

Road transport sector recorded the highest growth rate in the Nigerian economy in Q2 2022 with a 56.38% growth rate, following a 24.63% contraction recorded in the previous quarter.

 

This is the highest quarterly growth rate recorded in the sector since Q2 2021 (92.38%), a figure which was attributed to a favorable base period.

Meanwhile, the coal mining sector recorded a 36.06% year-on-year growth in real terms in the review quarter, a significant uptick when compared to the decline of 12.97% recorded in the previous quarter.

Notably, coal mining is the process of retrieving coal from deep below the Earth’s surface.

The sector has an aggregate of N4.79 billion GDP, accounting for approximately 0.03% of the entire economy.

Recall, the Nigerian economy recorded a seventh consecutive quarterly growth in the second quarter of 2022 as real GDP expanded by 3.54% year-on-year,

An improvement compared to the 3.11% growth recorded in the previous quarter, although lower than the 5.01% growth printed in the corresponding period of 2021.

Read Also: Economists react over Nigeria’s 5.01% GDP growth, call for inclusiveness

In terms of aggregate real GDP, it stood at N17.29 trillion, representing a quarter-on-quarter decline when compared to N17.35 trillion recorded in Q1 2022.

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