Nigeria’s GDP grows by 3.11% in Q1— NBS
By Seun Ibiyemi
The National Bureau of Statistics (NBS), says Nigeria’s Gross Domestic Product (GDP) grew by 3.11 per cent in the first quarter of 2022.
This is according to the NBS Nigerian Gross Domestic Product Report Q1 2022 released in Abuja on Monday.
According to the report, Nigeria’s GDP grew by 3.11 per cent year-on-year in real terms in the first quarter of 2022.
It said this showed 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.
The NBS said the first quarter 2022 growth rate further represents an improvement in economic performance.
“The observed trend since Q4 of 2020 is an indication of a gradual economic stability.
“The Q1 of 2022 growth rate was higher than the 0.51 per cent growth rate recorded in Q1 of 2021 by 2.60 per cent points and lower than 3.98 per cent recorded in Q4 of 2021 by 0.88 per cent points.
“Nevertheless, quarter-on-quarter, real GDP grew at -14.66 per cent in Q1 of 2022, compared to Q4 of 2021, reflecting a lower economic activity than the preceding quarter.”
The report said in the period under review, aggregate GDP stood at about N45.317 million in nominal terms.
“This performance is higher when compared to the first quarter of 2021 which recorded aggregate GDP of about N40.014 million, indicating a year-on-year nominal growth rate of 13.25 per cent.”
It said the nominal GDP growth rate in Q1 2022 was higher relative to the 12.25 per cent growth recorded in Q1 2021, and higher compared to the 13.11 per cent growth recorded in the preceding quarter.
However, on a quarter-on-quarter basis, real GDP contracted by 14.66per cent in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.
The oil sector of the Nigerian economy contracted by 26.04per cent (year-on-year) in Q1 2022, indicating a decrease of 23.83per cent points relative to the rate recorded in the corresponding quarter of 2021.
Nigeria recorded an average daily oil production of 1.49 million barrels per day (mbpd) in Q1 2022, lower than the daily average production of 1.72mbpd recorded in the same quarter of 2021 by 0.23mbpd and lower than the fourth quarter 2021 production volume of 1.50mbpd by 0.01mbpd.
On the other hand, the non-oil sector grew by 6.08per cent in real terms during the reference quarter (Q1 2022). This rate was higher by 5.28per cent points compared to the rate recorded same quarter of 2021 and 1.34per cent points higher than the fourth quarter of 2021.
The non-oil 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 & Tobacco), accounting for positive GDP growth.
In real terms, the non-oil sector contributed 93.37per cent to the nation’s GDP while the oil sector accounted for 6.63per cent of the GDP in the review period.
