The National Bureau of Statistics today released the figure stating the performance of the nation’s GDP YoY, according to the released report, the economy of Nigeria advanced by 3.54% from a year ago in the second quarter of 2022, this is faster than the 3.11% growth achieved in the prior period.
Looking through the report, the expansion continued to be driven by the non-oil sector which grows by 4.77%, listed by the order of contributions, the performance is chiefly led by the information and communication; finance and insurance; transportation; agriculture and manufacturing.
On the other hand, the oil sector slumped by 11.77%, after a 26.04% plunge in the previous quarter; this reflected a lower oil output, as the average daily crude oil production stood at 1.43 million barrels per day, down from 1.49 mbps in the first quarter, and 1.61 mbps a year ago.
Nigeria has been struggling to meet its production targets due to operational challenges amid rising costs, decaying infrastructure and insecurity coming from pipeline vandalism. On a quarterly basis, the GDP shrank by 0.37%, after a 14.66% contraction in the previous quarter.