Nigeria’s GDP increased by 3.54% year on year in real terms in the second quarter of 2022, an improvement over the 3.11% growth recorded in the previous quarter. This is according to the National Bureau of Statistics’ most recent GDP report.
Year on year, the Q2 2022 growth rate fell by 1.47% points from the 5.01% rate recorded in Q2 2021. In Q2 2022, the oil sector fell by 11.77% year on year, compared to a contraction of 26.04% in Q1 2022.
During the reference quarter, the non-oil sector grew by 4.77% in real terms (Q2 2022). This rate was 1.97% lower than the rate recorded in the same quarter of 2021 and 1.31% 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%.
