Nigeria’s real GDP grows by 3.54% in Q2 2022, says NBS

The National Bureau of Statistics (NBS) on Friday said Nigeria’s Gross Domestic Product (GDP) grew by 3.54 per cent year-on-year in real terms in the second quarter (Q2) of 2022, an improvement compared to the 3.11 per cent growth recorded in the previous quarter.

On a year-on-year basis, the second quarter of 2022 growth rate decreased by 1.47 percentage points from 5.01 per cent growth rate recorded in the corresponding quarter in 2021.

Decline in the oil sector GDP continued with a 11.77 per cent dip year-on-year in Q2 2022, compared to a contraction of 26.04 per cent recorded in Q1 2022.

Non-oil sector GDP grew by 4.77per cent in real terms during the reference quarter (Q2 2022). This rate was lower by 1.97 percentage points compared to the rate recorded same quarter of 2021 and 1.31 per cent points lower than the first quarter of 2022.

This sector was driven in the second quarter of 2022 mainly by Information and Communication (Telecommunication); Trade; Financial and Insurance (Financial Institutions); Transportation (Road Transport); Agriculture (Crop Production) and Manufacturing (Food, Beverage & Tobacco), accounting for positive GDP growth.

In real terms, the non-oil sector contributed 93.67per cent to the nation’s GDP in the second quarter of 2022, higher than the share recorded in the second quarter of 2021 which was 92.58 per cent and higher than the first quarter of 2022 recorded as 93.37 per cent.