Nigeria’s GDP Slows to 3.54% in Q2

James Emejo in Abuja

Nigeria’s Gross Domestic Product (GDP) grew by 3.54 per cent (year-on-year) in real terms in the second quarter of 2022, the National Bureau of Statistics (NBS) said Friday. 

The growth rate indicated a decline from the 5.01 per cent recorded in the second quarter of 2021 when rapid growth was recorded following the toll the COVID-19 pandemic exacted on the economy in Q2 2020. 

According to the Nigerian GDP Report Q2 2022,  which was posted on the NBS website, the recent rising prices of goods and commodities have adversely impacted on the Q2  2022 performance. 

The growth rate in Q2 decreased by 1.47 per cent from 5.01 per cent growth rate recorded in Q2 2021 and increased by 0.44 per cent relative to 3.11 per cent in Q1 2022. 

However, quarter-on-quarter, real GDP grew at -0.37 per cent in Q2,  reflecting lower economic activity compared to  the preceding quarter.

Details later….