Data published by the National Bureau of Statistics has revealed that Nigeria’s gross domestic product grew by 3.54 percent, Year-on-Year, in the second quarter of 2022.
The GDP grew from 3.11 percent in Q1 2022 and declined to 5.01% in the second quarter of 2021.
In addition, the recent rising prices have adversely impacted on the second quarter 2022 performance. The Q2 2022 growth rate decreased by 1.47% points from 5.01% growth rate recorded in Q2 2021 and increased by 0.44% points relative to 3.11% in Q1 2022.
However, quarter-on-quarter, real GDP grew at -0.37% in Q2 2022, reflecting lower economic activity in Q2 2022 than in the preceding quarter.
NBS said, “In the quarter under review, aggregate GDP stood at N45,004,520.89 million in nominal terms. This performance is higher when compared to the second quarter of 2021 which recorded aggregate GDP of N39,123,713.32 million, indicating a year-on-year nominal growth rate of 15.03%.
“The nominal GDP growth rate in Q2 2022 was higher relative to the 14.99% growth recorded in the second quarter of 2021 and higher compared to the 13.25% growth recorded in the preceding quarter. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”