JUST IN: Nigeria’s real GDP grows by 3.54% in second quarter of 2022

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Nigeria recorded 3.54% growth in her Gross Domestic Product (GDP) in the second quarter of 2022 on a year-on-year basis, the National Bureau of Statistics (NBS) has said.

This is an improvement compared to the 3.11% growth recorded in the previous quarter.

Statistician-General of the Federation and Chief Executive Officer, Prince Semiu Adeyemi, in a statement on Friday, August 26, said that in nominal terms, aggregate GDP stood at N45.00 trillion in the second quarter of 2022.

According to him, this performance is higher when compared to the second quarter of 2021 which recorded N39.12 trillion, indicating a year-on-year nominal growth rate of 15.03%.

He also noted that the nominal Gross Domestic Product in the preceding quarter of Q1 2022 stood at N45.32 trillion.

Adeniran said that in terms of real GDP, the second quarter of 2022 was recorded at N17.29 trillion.

“This is higher by N591.22 billion than the N16.69 trillion recorded in the second quarter of 2021. It is lower by N63.50 billion when compared to the first quarter of 2022 when the aggregate real GDP was N17.35 trillion,” he said.