The National Bureau of Statistics, NBS has today disclosed in their latest GDP report that the Nigeria Gross Domestic Product, GDP, during the second quarter of the year 2022 grew by 3.54% year-on-year in real terms. The development is a serious improvement when compared to the 3.11 percent growth that was recorded in the quarter before the most recent. On year-on-year bases, NBS revealed that the second quarter of 2022 growth rate nose-dived by 1.47 points from the 5.01 percentage growth recorded during the corresponding quarter of the last year 2021.
Detailing the report, the agency said the non-oil sector GDP appreciated by 4.77 percent in real terms but was lower by 1.97 percent point when compared to that of last year's corresponding quarter was put at 1.31 percent points lower than the first quarter of 2022.
Unfortunately, the oil sector economy shrinks by 11.77 percent on a year-on-year Q2 2022, when compared to the contraction recorded during the Q1 of the year 2022 which was put at 26.04.
Though the cloud of uncertainties has surrounded the economy following the blow the world economy suffered from COVID-19, the International Monetary Fund, IMF, in one of its official documents published on World Economic Outlook, WEO, for July 2022 penciled Nigeria's growth at 3.4% for the year 2022.
The document explained that the outlook for Sub-Saharan Africa, such as Nigeria has remained positive due to fossil fuel and metal prices for some commodity-exporting countries.
The World Bank also predicted Nigeria’s economy to expand at a moderate rate of 1.8 percent this year 2022.
