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