NBS says Nigeria’s GDP grew by 3.11% in Q1 2022

According to the National Bureau of Statistics (NBS), Nigeria’s GDP grew by 3.11 percent in Q1 of 2022.

In a tweet posted to its official Twitter page, @NBS_Nigeria, on Monday, the NBS wrote, “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.”

Nigeria’s statistical office also stated, in a statement on its website, that, “The first quarter 2022 growth rate further represents an improvement in economic performance.”

The statement noted that there had been a trend signaling gradual economic stability since Q4 2020.

The statement partly read, “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. In the quarter under review, aggregate GDP stood at N45,317,823.33 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 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.”