Nigerian Gross Domestic Product Report (Q2 2022)


Nigeria Gross Domestic Product (GDP) grew by 3.54% (year-on-year) in real terms in the second quarter of 2022. This growth rate declined from 5.01% in the second quarter of 2021 when rapid growth was recorded following the toll the COVID-19 pandemic exacted on the economy in Q2 2020. In addition, the recent rising prices have adversely impacted on the second quarter 2022 performance. The Q2 2022 growth rate decreased by 1.47% points from 5.01% growth rate recorded in Q2 2021 and increased by 0.44% points relative to 3.11% in Q1 2022. However, quarter-on-quarter, real GDP grew at -0.37% in Q2 2022, reflecting lower economic activity in Q2 2022 than in the preceding quarter.

Data source: National Bureau of Statistics