NIGERIA'S REAL GDP EXPANDS BY 3.54% IN Q2 2022

According to the National Bureau of Statistics (NBS), Nigeria's Gross Domestic Product (GDP) increased by 3.54% on an annual basis in the second quarter of 2022.

Compared to the growth of 3.11 percent seen in the preceding quarter, this is an improvement.

In a statement released on Friday, August 26, Prince Semiu Adeyemi, the Chief Executive Officer and Statistician-General of the Federation, stated that the nominal value of the total GDP in the second quarter of 2022 was N45.00 trillion.

He claims that this achievement is better than the second quarter of 2021, which had N39.12 trillion and a nominal annual growth rate of 15.03%.

Additionally, he mentioned that N45.32 trillion was the nominal Cross Domestic Product in the previous quarter of Q1 2022.

"This is more than the N16.69 trillion reported in the second quarter of 2021 by N591.22 billion. According to him, it is less than the first quarter of 2022, when the total real GDP was N17.35 trillion, by N63.50 billion."