Nigeria’s economy grew by 3.54 per cent in real terms in the second quarter of 2022, the National Bureau of Statistics said Friday.
The growth rate declined from 5.01 per cent in the second quarter of 2021 when rapid growth was recorded following the toll the COVID-19 pandemic exacted on the economy in the second quarter of 2020.
The bureau said recent rising prices adversely impacted the second quarter 2022 performance.
‘The Q2 2022 growth rate decreased by 1.47 per cent points from 5.01 per cent growth rate recorded in Q2 2021 and increased by 0.44 per cent points relative to 3.11 per cent in Q1 2022,” the report said.
However, the bureau said compared quarter on quarter, real GDP declined 0.37 per cent in the second quarter of 2022 over the first quarter, reflecting lower economic activity in Q2 2022 than in the preceding quarter.
The report said the real growth of the oil sector declined 11.77 per cent (year-on-year) in Q2, indicating an increase of 0.89 per cent points relative to the rate recorded in the corresponding quarter of 2021.
“Quarter-on-Quarter, the oil sector recorded a growth rate of -4.97 per cent in Q2 2022.
“The oil sector contributed 6.33 per cent to the total real GDP in Q2 2022, down from the figures recorded in the corresponding period of 2021 and the preceding quarter, where it contributed 7.42 per cent and 6.63 per cent respectively,” the report said.
The non-oil sector grew by 4.77 per cent in real terms.
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This was driven 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 per cent 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 per cent and higher than the first quarter of 2022 recorded as 93.37 per cent,” it said.
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