NBS: Nigeria’s economy grew by 3.11% in Q1 2022

Nigeria’s gross domestic product (GDP) grew by 3.11 per cent in the first quarter of 2022.

The figure shows the sixth consecutive quarter of positive growth.

The National Bureau of Statistics (NBS) said this on Monday in its new Gross Domestic Product Report.

According to the report, the first quarter 2022 growth rate further represented gradual economic stability due to strong growth posted by the non-oil sector.

“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,” the report reads.

“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.”