Recent report published by the National Bureau of Statistics revealed that Nigeria Gross Domestic Product (GDP) grew by 3.54% year on year in real terms in the second quarter of 2022.
This growth rate declined from 5.01% in the second quarter of 2021 when rapid growth was recorded following the toll the COVID-19 pandemic exacted on the economy in Q2 2020.
In addition, the recent rising prices have adversely impacted on the second quarter 2022 performance.
The Q2 2022 growth rate decreased by 1.47% points from 5.01% growth rate recorded in Q2 2021 and increased by 0.44% points relative to 3.11% in Q1 2022.
However, quarter-on-quarter, real GDP grew at -0.37% in Q2 2022, reflecting lower economic activity in Q2 2022 than in the preceding quarter.
In the quarter under review, aggregate GDP stood at N45 trillion in nominal terms. This performance is higher when compared to the second quarter of 2021 which recorded aggregate GDP of N39 trillion, indicating a year-on-year nominal growth rate of 15.03%. The nominal GDP growth rate in Q2 2022 was higher relative to the 14.99% growth recorded in the second quarter of 2021 and higher compared to the 13.25% growth recorded in the preceding quarter.