Nigeria’s Economy Grew By 3.54% in Q2 2022 – NBS

Nigeria‘s economy improved in the second quarter of 2022.

This is according to a report by the National Bureau of Statistics (NBS) on Friday August 26.

According to NBS, Nigeria’s gross domestic product (GDP) grew by 3.54 percent year-on-year in real terms in the second quarter of 2022.

The GDP increase is an improvement from the 3.11 percent growth recorded in the previous quarter.

The aggregate real GDP stood at N17.29 trillion in the second quarter of 2022, a marginal decline (-0.37%) when compared to N17.35 trillion recorded in Q1 2022. The growth recorded in the review quarter also indicates the seventh consecutive quarter of GDP growth in the country, since the recession recorded in Q3 2020.

A cursory look at the data showed that the agricultural sector accounted for 23.24% of the aggregate GDP, an increase compared to 22.36% recorded in the previous quarter. Also, the industrial sector contributed 19.4%, while services accounted for 57.35% of the GDP.

The oil sector economy declined with a 11.77 percent dip year-on-year in Q2 2022, compared to a contraction of 26.04% recorded in Q1 2022.

Prince Semiu Adeniran, the Statistician-General of the Federation and Chief Executive Officer of National Bureau of Statistics (NBS) added that in nominal terms, aggregate GDP stood at N45 trillion in the second quarter of 2022.

This performance is higher when compared to the second quarter of 2021 which recorded N39.12 trillion, indicating a year-on-year nominal growth rate of 15.03 per cent. The nominal GDP in the preceding quarter of Q1 2022 stood at N45.32 trillion.

Adeniran said that in terms of real GDP, the second quarter of 2022 was recorded at N17.29 trillion. 

He said; 

“This is higher by N591.22 billion than the N16.69 trillion recorded in the second quarter of 2021.

“It is lower by N63.50 billion when compared to the first quarter of 2022 when the aggregate real GDP was N17.35 trillion.’’