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Nigeria Records 3.11% Economic Growth in Q1’22 — NBS

The recent Gross Domestic Report of the National Bureau of Statistics (NBS) on Monday morning has shown that Nigeria’s Gross Domestic Product (GDP) grew by 3.11% (year-on-year) in the first quarter of 2022.

In real terms, in the first quarter of 2022, this indicates the sixth consecutive quarter of positive growth for the Nigerian economy.

The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in the corresponding period of 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points.
However, on a quarter-on-quarter basis, real GDP contracted by 14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.

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The oil sector of the Nigerian economy contracted by 26.04% (year-on-year) in Q1 2022, indicating a decrease of 23.83% points relative to the rate recorded in the corresponding quarter of 2021.

According to the report, Nigeria recorded an average daily oil production of 1.49 million barrels per day (mbpd) in Q1 2022, lower than the daily average production of 1.72mbpd recorded in the same quarter of 2021 by 0.23mbpd and lower than the fourth quarter of 2021 production volume of 1.50mbpd by 0.01mbpd.

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On the other hand, the non-oil sector grew by 6.08% in real terms during the reference quarter (Q1 2022). This rate was higher by 5.28% points compared to the rate recorded same quarter of 2021 and 1.34% points higher than the fourth quarter of 2021.

The non-oil sector was driven in the first quarter of 2022 mainly by Information and Communication (Telecommunication); Trade; Financial and Insurance (Financial Institutions); Agriculture (Crop Production); and Manufacturing (Food, Beverage & Tobacco), accounting for positive GDP growth.

IFRAME SYNC

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