Despite the negative indices recorded by many sectors of the Nigerian economy, the country’s National Bureau of Statistics (NBS) says that Nigeria’s Gross Domestic Product grew by 3.54 per cent in the second quarter of 2022 on a year-on-year basis.
According to the statement issued by the NBS on the Nigerian Gross Domestic Product Report for the second quarter of this year in Abuja, aggregate GDP stood at N45 trillion in the second quarter of 2022 in nominal terms.
This performance, the NBS noted is higher when compared to the second quarter of 2021 which recorded N39.12 trillion, indicating a year-on-year nominal growth rate of 15.03 per cent.
The NBS said that the nominal GDP in the preceding quarter of Q1 2022 stood at N45.32 trillion and that in terms of real GDP, the second quarter of 2022 was recorded at N17.29 trillion.
“This is higher by N591.22 billion than the N16.69 trillion recorded in the second quarter of 2021.
“It is lower by N63.50 billion when compared to the first quarter of 2022 when the aggregate real GDP was N17.35 trillion,’’ the NBS added.
GIK/APA