Nigeria’s GDP Grows By 3.54% In Q2 2022

The National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product grew by 3.54% Year-on-Year in the second quarter of 2022.

This is an improvement when compared to the 3.11% growth recorded in the previous quarter.

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

According to the report, the non-oil sector GDP grew by 4.77 percent in real terms but was lower by 1.97 percent points compared to the rate recorded same quarter of 2021 and 1.31 percent points lower than the first quarter of 2022.

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.

Despite global uncertainties, the International Monetary Fund (IMF), in its World Economic Outlook (WEO) for July 2022, retained a projected economic growth of 3.4 percent for Nigeria in 2022.

It noted that the outlook for sub-Saharan Africa, such as Nigeria, remains unchanged or positive due to elevated fossil fuel and metal prices for some commodity-exporting countries.

The World Bank also projected that Nigeria’s economy would expand at a moderate rate of 1.8 percent this year.