Nigeria’s gross domestic product (GDP) grew by 3.54 percent year-on-year in real terms in the second quarter of 2022.
The development is an improvement from the 3.11 percent growth recorded in the previous quarter.
The National Bureau of Statistics (NBS) said this in the latest GDP figures released on Friday.
On a year-on-year basis, NBS said the second quarter of 2022 growth rate decreased by 1.47 percent points from 5.01 percent growth rate recorded in the corresponding quarter in 2021.
According to the report, the non-oil sector GDP grew by 4.77 percent in real terms but was lower by 1.97 percent points compared to the rate recorded same quarter of 2021 and 1.31 percent points lower than the first quarter of 2022.
The oil sector economy declined with a 11.77 percent dip year-on-year in Q2 2022, compared to a contraction of 26.04% recorded in Q1 2022.
