Nigeria's GDP rises by 3.54 percent in the second quarter of 2022

Nigeria's GDP increased by 3.54% year on year in real terms in the second quarter of 2022, an improvement over the 3.11% growth recorded in the previous quarter. This is according to the National Bureau of Statistics' most recent GDP report.

The aggregate real GDP stood at N17.29 trillion in the second quarter of 2022, a marginal decrease (-0.37%) from the N17.35 trillion recorded in the first quarter of 2022. The growth in the review quarter also marks the country's seventh consecutive quarter of GDP growth since the recession in Q3 2020.

A cursory examination of the data revealed that the agricultural sector accounted for 23.24% of total GDP, up from 22.36% in the previous quarter. Furthermore, the industrial sector contributed 19.4% of GDP, while services accounted for 57.35%.

Meanwhile, the agricultural sector increased by 1.2% year on year, the services sector increased by 6.7%, and the industrial sector decreased by 2.3%, a further decrease when compared to the 6.81% decline recorded in the preceding quarter.