Nigeria’s GDP slows to 3.54% y/y in Q2 on lower oil output, inflation

Nigeria’s GDP grew 3.54% in the second quarter, slower than in the same period a year earlier, as oil production declined and inflation rose.

The Q2 2022 growth rate decreased by 1.47% points from 5.01% growth rate recorded in Q2 2021.

This is according to the recent GDP report released by the National Bureau of Statistics (NBS) on Friday.

According to NBS, The oil sector dipped by 11.77% year-on-year in Q2 2022, compared to a contraction of 26.04% recorded in Q1 2022.

Read also:Nigeria’s GDP grows by 3.11% in Q1, 2022 —NBS

The non-oil sector grew by 4.77% in real terms during the reference quarter (Q2 2022). This rate was lower by 1.97% points compared to the rate recorded same quarter of 2021 and 1.31% points lower than the first quarter of 2022.

This sector was driven in the second quarter of 2022 mainly by Information and Communication (Telecommunication); Trade; Financial and Insurance (Financial Institutions); Transportation (Road Transport); Agriculture (Crop Production) and Manufacturing (Food, Beverage & Tobacco), accounting for positive GDP growth.

In real terms, the non-oil sector contributed 93.67% to the nation’s GDP in the second quarter of 2022, higher than the share recorded in the second quarter of 2021 which was 92.58% and higher than the first quarter of 2022 recorded as 93.37%.

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