Nigeria's GDP Grows By 3.11% in Q1 2022 - NBS

Posted by Thandiubani on Mon 23rd May, 2022 - tori.ng

The statement noted that there had been a trend signalling a gradual economic stability since Q4 2020.

Nigeria’s Gross Domestic Product has improved by 3.11 per cent.

According to the National Bureau of Statistics, the growth happened in the first quarter of 2022.

In a tweet posted to its official Twitter page, @NBS_Nigeria, on Monday, the NBS wrote, “Gross Domestic Product (GDP) grew by 3.11% (year-on-year) in real terms in the first quarter of 2022, showing a sustained positive growth for six consecutive quarters since the recession witnessed in 2020.”

The Nigeria’s statistical office also stated, in a statement on its website, that, “The first quarter 2022 growth rate further represents an improvement in economic performance.”

The statement noted that there had been a trend signalling a gradual economic stability since Q4 2020.

The statement partly read, “The observed trend since Q4 2020 is an indication of a gradual economic stability.

“The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in Q1 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points. Nevertheless, quarter-on-quarter, real GDP grew at -14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter. In the quarter under review, aggregate GDP stood at N45,317,823.33 million in nominal terms.

“This performance is higher when compared to the first quarter of 2021 which recorded aggregate GDP of N40,014,482.74 million, indicating a year-on-year nominal growth rate of 13.25%. The nominal GDP growth rate in Q1 2022 was higher relative to the 12.25% growth recorded in the first quarter of 2021 and higher compared to the 13.11% growth recorded in the preceding quarter.”