Job losses beckon as five sectors remain in recession

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.

Read also:New NBS report contradicts Buhari’s claim on Nigeria’s economy

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.

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