Nigeria GDP growth rises by 0.43% in three months

The National Bureau of Statistics says the Nigeria’s gross domestic product (GDP) grew by 3.54 per cent in real terms in the second quarter of 2022.

This is an improvement of 0.43 over the first quarter growth, which was 3.11 per cent.

The NBS said this on Friday in the latest GDP report, adding that on a year-on-year basis, the second quarter of 2022 growth rate decreased by 1.47 per cent from the 5.01 per cent growth rate recorded in the corresponding quarter in 2021.

According to the report, the non-oil sector GDP grew by 4.77 per cent in real terms but was lower by 1.97 per cent compared to the rate recorded same quarter of 2021 and 1.31 per cent lower than the first quarter of 2022.

The oil sector economy declined with a 11.77 per cent dip year-on-year in Q2 2022, compared to a contraction of 26.04 per cent recorded in Q1 2022.

Despite global uncertainties, the International Monetary Fund (IMF), in its World Economic Outlook (WEO) for July 2022, retained a projected economic growth of 3.4 per cent for Nigeria in 2022.

It explained that the outlook for sub-Saharan Africa, such as Nigeria, remains unchanged or positive due to elevated fossil fuel and metal prices for some commodity-exporting countries.