Nigeria’s Economy Grew 3.54% In Q2 2022 – NBS

In real terms, Nigeria’s gross domestic product (GDP) increased by 3.54 percent in the second quarter of 2022.

Compared to the 3.11 percent growth seen in the previous quarter, the development is an improvement.

This was stated in the newest GDP report released on Friday by the National Bureau of Statistics (NBS).

According to NBS, the growth rate for the second quarter of 2022 was 1.47 percent points lower than the 5.01 percent growth rate registered in the corresponding quarter of 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 explained 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.