Nigeria’s gross domestic product (GDP) grew by 3.54 percent year-on-year in real terms in the second quarter of 2022, an improvement from the 3.11 percent growth recorded in the first quarter.
The National Bureau of Statistics (NBS) said this on Friday in the latest GDP report.
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.
The International Monetary Fund (IMF), in its World Economic Outlook (WEO) for July 2022, retained a projected economic growth of 3.4 percent for Nigeria in 2022.
According to the bank, 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.
The World Bank also projected that Nigeria’s economy would expand at a moderate rate of 1.8 percent this year.
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