Economic experts have raised concerns about the prostrate nature of the economy; exemplified by the contraction in the country’s Gross Domestic Product (GDP).
A recent data by the National Bureau of Statistics (NBS) shows that the GDP recorded 3.54% growth in Q2 2022. On year-on-year basis however, the GDP contracted from the 5.01% record of Q2 2021 during which rapid growth was recorded after the devastating experience of the Covid-19 pandemic.
Nigeria exited recession in Q4 2020 after the contraction by -6.10% and -3.62% in Q2 and Q3 of 2020 respectively when the pandemic held sway.
The persistent decline of the GDP since the third quarter of 2021 has left many worried.
The GDP was 5.02 per cent in second quarter but dropped to 4.03 per cent in Q3 2021. It fell further to 3.98 per cent in Q4 2021 and 3.11 per cent in Q1 2022.