Nigeria’s GDP rises in Quarter 2—NBS

The National Bureau of Statistics says Nigeria’s Gross Domestic Product grew by 3.54 per cent in the second quarter of 2022 on a year-on-year basis.

This is contained in a statement issued by the Statistician-General of the Federation and Chief Executive Officer, National Bureau of Statistics, Prince Semiu Adeniran, on the Nigerian Gross Domestic Product Report Q2, 2022 in Abuja on Friday.

Semiu said in nominal terms, aggregate GDP stood at N45 trillion in the second quarter of 2022.

According to him, this performance 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.

He said the nominal GDP in the preceding quarter of Q1 2022 stood at N45.32 trillion.

Adeniran said 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.’’

Giving a breakdown of the report by sector, Adeniran said the crude oil production in the second quarter of 2022 recorded an average daily oil production of 1.43 million barrels per day.

He said this was lower than the daily average production of 1.61mbpd recorded in the same quarter of 2021 by 0.18mbpd.

“This is also lower than the first quarter of 2022 production volume of 1.49mbpd by 0.06mbpd.

“Resultantly, the oil GDP grew by -11.77 per cent in Q2 2022 and accounted for 6.33 per cent of total output during the reference quarter.’’

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The statistician-general said that the poor performance of the sector was occasioned by operational challenges such as vandalism of pipelines and oil theft.

He said the non-oil sector grew by 4.77 per cent in real terms during the reference quarter (Q2 2022).