Nigeria’s GDP records 3.11% growth in first quarter of 2022

NIGERIANigeria’s Gross Domestic Product (GDP) grew by 3.11 percent (year-on-year) in real terms in the first quarter (Q1) of 2022, the National Bureau of Statistics (NBS) reveals.

The figure showed sustained positive growth for the sixth consecutive quarter since the recession witnessed in 2020 when negative growth rates were recorded in quarters two and three of that year.

The first quarter of 2022 growth rate further represents an improvement in economic performance. The observed trend since Q4 2020 is an indication of gradual economic stability.

The Q1 2022 growth rate was higher than the 0.51 percent growth rate recorded in Q1 2021 by 2.60 percent points and lower than 3.98 percent recorded in Q4 2021 by 0.88 percent points.

Quarter-on-quarter, real GDP grew at 14.66 percent in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.

While broadly classifying the Nigerian economy into the oil and non-oil sectors, the NBS revealed that the nation recorded an average daily oil production of 1.49 million barrels per day (mbpd) in Q1 2022.

This value, it stated, was lower than the daily average production of 1.72mbpd recorded in the same quarter of 2021 by 0.23mbpd, and lower than the Q4 2021 production volume of 1.50mbpd by 0.01mbpd.

The real growth of the oil sector was 26.04 percent (year-on-year) in Q1 2022, indicating a decrease of 23.83 percent points relative to the rate recorded in the corresponding quarter of 2021.

Quarter-on-Quarter, the oil sector recorded a growth rate of 9.11% in Q1 2022. The oil sector contributed 6.63 percent to the total real GDP in Q1 2022, down from the figures recorded in the corresponding period of 2021.

According to the data agency, the non-oil sector grew by 6.08 percent 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.

This 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, and tobacco), accounting for positive GDP growth.

In real terms, the non-oil sector contributed 93.37% to the nation’s GDP while the oil sector accounted for 6.63% of the GDP in the review period.

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