Nigeria’s Gross Domestic Product (GDP) grew by 3.54% (year-on-year) in real terms in the second quarter of 2022, according to report by the National Bureau of Statistics (NBS). The NBS said this growth rate declined in the second quarter of 2021 when rapid growth was recorded following the toll the COVID-19 pandemic exacted on the economy in second quarter of 2020.
The body added that the second quarter of 2022 growth rate decreased by 1.47% points from 5. 01% growth rate recorded in second quarter of 2021 and increased by 0.44% points relative to 3. 11% in first quarter of 2022.
The bureau said, however, that the quarter-on-quarter, real GDP grew at -0. 37% in second quarter of 2022, reflecting lower economic activity in second quarter of 2022 than in the preceding quarter. The bureau said in the quarter under review, aggregate GDP stood at N45,004,520. 89 million in nominal terms.