Nigeria’s GDP Grew By 3.11% In Q1 2022, NBS Affirms

The National Bureau of Statistics (NBS) has said that Nigeria’s Gross Domestic Product (GDP) grew by 3.11per cent in the first quarter of 2022.
The NBS made this known via its Nigerian Gross Domestic Product Report Q1 2022 released, last Monday.
According to the report, Nigeria’s GDP grew by 3.11per cent year-on-year in real terms in the first quarter of 2022.
The NBS noted that the development showed a sustained positive growth for six consecutive quarters since the recession witnessed in 2020 when negative growth rates were recorded in quarter two and three of 2020.
It added that the first quarter 2022 growth rate further represents an improvement in economic performance.
The NBS stated: “The observed trend since Q4 of 2020 is an indication of a gradual economic stability.
“The Q1 of 2022 growth rate was higher than the 0.51per cent growth rate recorded in Q1 of 2021 by 2.60per cent points and lower than 3.98per cent recorded in Q4 of 2021 by 0.88per cent points.
“Nevertheless, quarter-on-quarter, real GDP grew at -14.66per cent in Q1 of 2022, compared to Q4 of 2021, reflecting a lower economic activity than the preceding quarter.
“In the period under review, aggregate GDP stood at about N45.317million in nominal terms.
“This performance is higher when compared to the first quarter of 2021 which recorded aggregate GDP of about N40.014million, indicating a year-on-year nominal growth rate of 13.25per cent.
“The nominal GDP growth rate in Q1 2022 was higher relative to the 12.25per cent growth recorded in Q1 2021, and higher compared to the 13.11per cent growth recorded in the preceding quarter,” the report read.