The Nigerian economy grew by 3.54 percent year-on-year in real terms in the second quarter of 2022, according to the latest Gross Domestic Product report by the National Bureau of Statistics on Friday.
The report indicated an improvement from the 3.11 percent 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 percent points from the 5.01 percent growth rate recorded in the corresponding quarter in 2021.
According to the report, the non-oil sector GDP grew by 4.77 percent in real terms but was lower by 1.97 percent compared to the rate recorded in the same quarter of 2021 and 1.31 percent points lower than the first quarter of 2022.
The oil sector economy declined with a 11.77 percent dip year-on-year in Q2 2022, compared to a contraction of 26.04% recorded in Q1 2022.