Nigeria’s GDP Grows by 3.11percent

Hauwa Abubakar

Last updated May 23, 2022

The National Bureau of Statistics has said Nigeria’s Gross Domestic Product grew by 3.11 percent in the first quarter of 2022.

This is contained in a public announcement issued by the Bureau on its official Twitter page, @NBS_Nigeria, on Monday. The NBS also released its GDP Report for Q1 2022 on its website.

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. Read the full GDP Report for Q1. 2022 here: https://t.co/t88MqLLlEn pic.twitter.com/xgDuEX4T4z

— NBS Nigeria (@NBS_Nigeria) May 23, 2022

Q1 2022_GDP_Report

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.”

Also the Bureau stated that “the first quarter 2022 growth rate further represents an improvement in economic performance.”

It added:

”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.”

Download the report Here