Nigeria’s GDP improves by 3.11% in Q1 2022

The National Bureau of Statistics (NBS), says Nigeria’s Gross Domestic Product (GDP) grew by 3.11 per cent in the first quarter of 2022. This is according to the NBS Nigerian Gross Domestic Product Report Q1 2022 released in Abuja. According to the report, Nigeria’s GDP grew by 3.11 per cent year-on-year in real terms in the first quarter of 2022. It said this 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.

The NBS said the first quarter 2022 growth rate further represents an improvement in economic performance. “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 0.51 per cent growth rate recorded in Q1 of 2021 by 2.60 per cent points and lower than 3.98 per cent recorded in Q4 of 2021 by 0.88 per cent points. Nevertheless, quarter-on-quarter, real GDP grew at -14.66 per cent in Q1 of 2022, compared to Q4 of 2021, reflecting a lower economic activity than the preceding quarter.’’ The report said in the period under review, aggregate GDP stood at about N45.317 million in nominal terms.

“This performance is higher when compared to the first quarter of 2021 which recorded aggregate GDP of about N40.014 million, indicating a year-on-year nominal growth rate of 13.25 per cent. It said the nominal GDP growth rate in Q1 2022 was higher relative to the 12.25 per cent growth recorded in Q1 2021, and higher compared to the 13.11 per cent growth recorded in the preceding quarter.