10th November, 2022
Nigeria’s Gross Domestic Product (GDP) grew by 3.54% (year-on-year) in real terms in the second quarter of 2022, according to report by the National Bureau of Statistics (NBS).
The NBS said this growth rate declined from 5.01% in the second quarter of 2021 when rapid growth was recorded following the toll the COVID-19 pandemic exacted on the economy in second quarter of 2020.
In addition, it stated that the recent rising prices have adversely impacted on the second quarter 2022 performance.
The body added that the second quarter of 2022 growth rate decreased by 1.47% points from 5.01% growth rate recorded in second quarter of 2021 and increased by 0.44% points relative to 3.11% in first quarter of 2022.
The bureau said, however, that the quarter-on-quarter, real GDP grew at -0.37% in second quarter of 2022, reflecting lower economic activity in second quarter of 2022 than in the preceding quarter.
The bureau 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 nonoil sectors,” it said.