May 28, 2023

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Nigerian Gross Domestic Product Grows by 3.11%


CEM REPORT | National Bureau of Statistics (NBS) has released its first quarter report on Nigeria’s Gross Domestic Product (GDP).

The report released in Abuja on Monday revealed that Nigeria’s GDP grew by 3.11 percent year-on-year in real terms in the first quarter of 2022.

The Bureau said the positive growth rate represents an improvement in economic performance sustained from six consecutive quarters since the recession witnessed in 2020 when negative growth rates were recorded in quarter two and three of 2020.

“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 percent growth rate recorded in Q1 of 2021 by 2.60 percent points and lower than 3.98 percent recorded in Q4 of 2021 by 0.88 percent points.

“Nevertheless, quarter-on-quarter, real GDP grew at -14.66 percent 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.

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“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.”

The report further said the nominal GDP growth rate in Q1 2022 was higher compared  to the 12.25 percent growth recorded in Q1 2021 and 13.11 per cent growth recorded in the preceding quarter.

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