NBS says Nigeria’s GDP grew by 3.11% in Q1 2022

The National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product grew by 3.11 percent in the first quarter of 2022.

The NBS announced this in a tweet on Monday, May 23, 2022.

The agency tweeted, “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.”

In a statement on its website, the agency said “The first quarter 2022 growth rate further represents an improvement in economic performance.”

According to the NBS, there had been a trend signaling gradual economic stability since Q4 2020.

The statement reads in part, “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.”

This is coming nine days after the NBS announced that Nigeria’s Gross Domestic Product (GDP) increased by 3.98 per cent in the fourth quarter of 2021.