Nigeria’s gross domestic product (GDP) grew by 3.54% year-on-year in real terms in the second quarter of 2022, an improvement compared to the 3.11% growth recorded in the previous quarter. This is according to the recent GDP report released by the National Bureau of Statistics.
On a year-on-year basis, the second quarter of 2022 growth rate decreased by 1.47% points from 5.01% growth rate recorded in the corresponding quarter in 2021. The oil sector GDP decline continued with a 11.77% dip year-on-year in Q2 2022, compared to a contraction of 26.04% recorded in Q1 2022.
The non-oil sector GDP grew by 4.77% in real terms during the reference quarter (Q2 2022). This rate was lower by 1.97% points compared to the rate recorded same quarter of 2021 and 1.31% points lower than the first quarter of 2022.
This sector was driven in the second quarter of 2022 mainly by Information and Communication (Telecommunication); Trade; Financial and Insurance (Financial Institutions); Transportation (Road Transport); Agriculture (Crop Production) and Manufacturing (Food, Beverage & Tobacco), accounting for positive GDP growth.
In real terms, the non-oil sector contributed 93.67% to the nation’s GDP in the second quarter of 2022, higher than the share recorded in the second quarter of 2021 which was 92.58% and higher than the first quarter of 2022 recorded as 93.37%.