A report by the National Bureau of Statistics (NBS) has shown that Nigeria’s Gross Domestic Product (GDP) has grown by 3.54 percent (year-on-year) in real terms in the second quarter of 2022.
The report stated that the growth rate is, however, a decline of 1.47 per cent from the 5.01 per cent recorded in the same period in 2021.
The NBS stated that the high growth in 2021 was as a result of the rapid growth recorded following the toll the COVID-19 had on the economy in Q2 of 2020.
“In addition, the recent rising prices have adversely impacted on the second quarter of 2022 performance. The Q2 2022 growth rate decreased by 1.47 per cent points from 5.01 per cent growth rate recorded in Q2 2021, and increased by 0.44 per cent points, relative to 3.11 per cent in Q1 2022.”
“However, quarter-on-quarter, real GDP grew at -0.37 per cent in Q2 2022, reflecting lower economic activity in Q2 2022 than in the preceding quarter.”
It added that the aggregate GDP stood at N45 trillion in nominal terms, and the performance is higher when compared to the second quarter of 2021, which recorded aggregate GDP of N39.1trn.
The nominal GDP growth rate in Q2 2022 was higher, relative to the 14.99 per cent growth recorded.
The report stated that the non-oil sector contributed 93.67 per cent to the economy.