Business & Economy

JUST IN: Nigeria records 3.11% economic growth in Q1’22 – NBS

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JUST IN: Nigeria records 3.11% economic growth in Q1’22 – NBS

The National Bureau of Statistics, NBS, said that Nigeria’s economy grew by 3.11%, year on year, YoY, in the first quarter of the year (Q1’22) from 0.51%
recorded in the corresponding period in 2021 (Q1’21).

The NBS stated this in the Nigerian Gross Domestic Product Report (Q1 2022) released this morning.

The statement reads: “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 when negative growth rates were recorded in quarter two and three of 2020.

“The first quarter 2022 growth rate further represents an improvement in economic performance. 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.

“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.”

 

 

Uchechi Ojo
Uchechi Ojo, is a Lagos-born and based writer, newscaster and voice-over artist. A versatile and committed journalist with the yearning to make a difference in the industry. She writes balanced, informative and interesting stories. Uchechi has the ability to interact and listen with rapt attention, excellent time management and great communication skills while paying attention to detail. She is very approachable and a good team player. Instagram | LinkedIn
Mike Ojo

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