Nigeria’s GDP slows to 2.25% in Q3 on low crude production

The National Bureau of Statistics (NBS) said on Thursday Nigeria recorded a Gross Domestic Product (GDP) growth of 2.25 percent in the third quarter of this year.

The NBS stated this in the Nigerian Gross Domestic Product Report Q3 released in Abuja.

According to the report, this growth rate was lower than the 4.03 percent reported in the third quarter of 2021.

The NBS said the reduction in growth was due to the base effects of the recession and the challenging economic conditions that had impeded productive activities in the country.

The report said: “The Q3 2022 growth rate decreased by 1.78 percent points from the 4.03 percent growth rate recorded in Q3 2021 and decreased by 1.29 percent points relative to 3.54 percent in Q2 2022.

“However, on a quarter-on-quarter basis, real GDP grew at 9.68 percent in Q3 2022, reflecting a higher economic activity in Q3 2022 than Q2 2022.”

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

The agency said the aggregate GDP stood at N52, 255,809.62 million in nominal terms in Q3.

“This performance is higher when compared to the third quarter of 2021 which recorded aggregate GDP of N45, 113,448.06 million, indicating a year-on-year nominal growth rate of 15.83 percent,” it added.

The NBS revealed that the nominal GDP growth rate in Q3 2022 was higher relative to the 15.41 percent growth recorded in the Q3 2021 and higher compared to the 15.03 percent growth recorded in Q2 2022.

It noted that Nigeria recorded an average daily crude oil production of 1.20 million barrels per day (mbpd) in Q3.

However, this was 0.37 mbpd lower than the daily average production of 1.57mbpd recorded in Q3 2021.

“This is also lower than Q2 2022 production volume of 1.43 mbpd by 0.24mbpd,” it concluded.

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