Nigeria’s Gross Domestic Product (GDP) grew by 3.11% (year-on-year) in real terms in the first quarter of 2022.
The National Bureau of Statistics (NBS), on Monday said this shows a sustained positive growth for 6 consecutive quarters since the recession witnessed in 2020 when negative growth rates were recorded in quarters 2 and 3 of 2020.
NBS explained that 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 statement further reads: 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 ₦45,317,823.33 in nominal terms.
This performance is higher when compared to the first quarter of 2021 which recorded aggregate GDP of ₦40,014,482.74, 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. It added
Writing by Tina Oyinsan