The easiest way to show this equivalence is slightly indirect: statements (1) and (2) are both equivalent to:
(3): $M \simeq N \oplus P$ and under this isomorphism $f: N \rightarrow M$ is the map $\iota: n \mapsto (n, 0)$ and $g: M \rightarrow P$ is the map $\pi: (n, p) \mapsto p$.
It's easy to see that with these maps, we get the canonical split exact sequence (*):
$$
0 \rightarrow N \rightarrow N \oplus P \rightarrow P \rightarrow 0
$$
Assuming (3), we can define the splitting maps required for (1) and (2) easily:
Let $f': N \oplus P \rightarrow N$ be the map given by $(n,p) \mapsto n$. Then clearly $f'(f(n)) = f'( (n,0) ) = n$ for all $n \in N$. Similarly, we can define $g': P \rightarrow N \oplus P$ by $p \mapsto (0, p)$. Then we have $g(g'(p)) = g( (p,0)) = p$ for all $p \in P$.
Thus, (3) implies (1) and (2). Now it suffices to see that both (1) and (2) imply (3).
Assume (1). We can define a map $\varphi: M \rightarrow N \oplus P$ by $m \mapsto (f'(m), g(m))$. It's easy to check that $g = \pi \circ \varphi$ and that $\varphi \circ f = \iota$ (since $\varphi (f(n)) = (f'(f(n)), g(f(n)) = (n, 0)$) and that $\varphi$ is an isomorphism.
Similarly, assuming (2) we can define a map $\varphi: N \oplus P \rightarrow M$ by $(n,p) \mapsto (f(n), g'(p))$ and verify that this map turns the exact sequence into the canonical split exact sequence (*).