Economy: According to NBS, the economy of Nigeria improved by 3.54% in the second quarter.

According to NBS, the economy of Nigeria improved by 3.54% in the second quarter.


 According to a National Bureau of Statistics (NBS) study, Nigeria's Gross Domestic Product (GDP) increased by 3.54 percent (year over year) in real terms in the second quarter of 2022.

However, the growth rate is down 1.47 percentage points from the 5.01 percentage points registered in the same time in 2021, according to the research.

The NBS said that the quick growth observed after the impact the COVID-19 had on the economy in Q2 of 2020 was the cause of the strong growth in 2021.

"In addition, the performance for the second quarter of 2022 has been negatively impacted by the recent price increases. The Q2 2022 growth rate grew by 0.44 percentage points compared to Q1 2022 and declined by 1.47 percentage points from the 5.01 percentage growth rate reported in Q2 2021.

However, quarter-on-quarter real GDP growth in Q2 2022 was -0.37%, showing worse economic activity than in the quarter before.

It also stated that the total nominal GDP was N45 trillion, which was higher than the N39.1 trillion total GDP reported for the second quarter of 2021.

Compared to the rise of 14.99% observed in Q2 2022, the nominal GDP growth rate was greater.

According to the study, the non-oil sector accounted for 93.67% of total economic output.

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