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Nigeria’s GDP grew 3.54% in the second quarter, slower than in the same period a year earlier, as oil production declined and inflation rose, the national statistics office said on Friday.
Africa’s top oil producer recorded an average daily oil production of 1.43 million barrels per day (mbpd) in the second quarter of this year, lower than the daily average production of 1.61 mbpd recorded in the same quarter of 2021, the statistics office said.
“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,” the National Bureau of Statistics (NBS) said.
“In addition, the recent rising prices have adversely impacted on the second quarter 2022 performance.”
Gross domestic product grew by 3.11% in the first quarter of 2022. It was 3.98% in the last three months of 2021.
