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.
The aggregate real GDP stood at N17.29 trillion in the second quarter of 2022, a marginal decline (-0.37%) when compared to N17.35 trillion recorded in Q1 2022. The growth recorded in the review quarter also indicates the seventh consecutive quarter of GDP growth in the country, since the recession recorded in Q3 2020.
The data showed that the Agricultural sector accounted for 23.24% of the aggregate GDP, an increase compared to 22.36% recorded in the previous quarter. Also, the industrial sector contributed 19.4%, while services accounted for 57.35% of the GDP.
The Agricultural sector grew by 1.2% year-on-year, the Services sector grew by 6.7%, while the Industrial sector contracted by 2.3%, a further decline when compared to the 6.81% decline recorded in the previous quarter.