Nigeria’s Gross Domesroc Product (GDP) increased by 3.5% for the second quarter (Q2) of 2022, according to the latest national accounts data releases by the National Bureau of Statistics (NBS).
This compared with the 3.1% year on year (y/y) growth recorded in Q1 ’22.
Meanwhile, on a quarter on quarter (q/q) basis, it contracted by -0.4%, reflecting slower economic activity compared with the preceding quarter.
The q/q decline can be partly attributed to upticks in prices of deregulated petroleum products (such as diesel and aviation fuel) as well as select manufacturing inputs on the back of the Russia-Ukraine crisis.
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