Nigeria’s GDP grows by 3.11% in Q1, 2022 —NBS

Nigeria’s Gross Domestic Product (GDP) increased by 3.11 per cent in the first quarter of 2022, according to figures from the National Bureau of Statistics’ (NBS) Quarterly Report released on Monday.

The figures from 2022 is a huge improvement when compared to the 0.51% recorded in the corresponding period in 2021 (Q1’21).

The report reads: “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 when negative growth rates were recorded in quarter two and three of 2020.

“The first quarter 2022 growth rate further represents an improvement in economic performance. 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.

Read also :Nigeria’s VAT revenue rose to N563.72bn in Q4 2021 – NBS

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.”

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