In the first quarter of the year (Q1’22), Nigeria’s economy grew by 3.11%, year on year, YoY, from 0.51% as recorded in the corresponding period in 2021 (Q1’21).
The National Bureau of Statistics (NBS), made the disclosure while releasing the Nigerian Gross Domestic Product Report (Q1 2022) this morning (Monday).
The National Bureau of Statistics, said, “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.”
It stated that the first quarter of the 2022 growth rate further represents an improvement in economic performance, saying that the observed trend since Q4 2020 is an indication of gradual economic stability.
The report stated that 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.
It noted that 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.
The aggregate GDP stood at N45,317, 823.33 in nominal terms in the quarter under review.
The report stated that the performance is higher when compared to the first quarter of 2021 which recorded aggregate GDP of N40,014,482.74, indicating a year-on-year nominal growth rate of 13.25%.
It said 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.
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