NBS: Nigeria’s GDP increased by 3.11 percent in the first quarter

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Nigeria Records Real GDP Growth of 3.11% YoY in Q1 2022
Nigeria Records Real GDP Growth of 3.11% YoY in Q1 2022

Nigeria’s GDP increased by 3.11 percent in the first quarter of 2022. This was revealed by the National Bureau of Statistics in its Nigerian Gross Domestic Product Report Q1, 2022, which was released on Monday.

“Nigeria’s GDP grew by 3.11 percent (year on year) in real terms in the first quarter of 2022, demonstrating sustained positive growth for the sixth consecutive quarter since the recession witnessed in 2020, when negative growth rates were recorded in quarters two and three of 2020,” it stated.

“The first-quarter 2022 growth rate reflects a further improvement in economic performance.” The observed trend since Q4, 2020 indicates a gradual economic stabilization.

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“The Q1, 2022 growth rate was 2.60 percentage points higher than the 0.51 percent growth rate recorded in Q1, 2021 and 0.88 percentage points lower than the 3.98 percent growth rate recorded in Q4, 2021.”

“However, real GDP grew at -14.66 percent in Q1, 2022 compared to Q4, 2021, reflecting lower economic activity than the previous quarter.”

This performance is better than the first quarter of 2021, when aggregate GDP was N40.01tn, indicating a nominal growth rate of 13.25 percent year on year.

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The nominal GDP growth rate in Q1 2022 was higher than the 12.25 percent growth rate recorded in the first quarter of 2021 and higher than the 13.11 percent growth rate recorded in the preceding quarter.