Nigeria’s Gross Domestic Product (GDP) grew by 3.11 per cent in the first quarter of 2022, showing the sixth consecutive quarter of positive growth.
The National Bureau of Statistics (NBS) said this on Monday in its new Gross Domestic Product Report.
According to the report, the first quarter 2022 growth rate further represented gradual economic stability due to strong growth posted by the non-oil sector.
The report says:
“Nigeria’s 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 the sixth consecutive quarter since the recession witnessed in 2020 when negative growth rates were recorded in quarter two and three of 2020. The first quarter of the 2022 growth rate further represents an improvement in economic performance. The observed trend since Q4 2020 is an indication of gradual economic stability.
“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 million in nominal terms. This performance is higher when compared to the first quarter of 2021 which recorded aggregate GDP of ₦40,014,482.74 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.”
The oil sector
“Real growth of the oil sector was –26.04% (year-on-year) in Q1 2022 indicating a decrease of 23.83% points relative to the rate recorded in the corresponding quarter of 2021. Growth decreased by 17.99% points when compared to Q4 2021 which was –8.06%. Quarter-on-Quarter, the oil sector recorded a growth rate of 9.11% in Q1 2022. The Oil sector contributed 6.63% to the total real GDP in Q1 2022, down from the figures recorded in the corresponding period of 2021 and up compared to the preceding quarter, where it contributed 9.25% and 5.19% respectively.”
The Non-Oil Sector
The non-oil sector grew by 6.08% in real terms during the reference quarter (Q1 2022). This rate was by 5.28% points compared to the rate recorded same quarter of 2021 and 1.34% points higher than the fourth quarter of 2021. This 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 93.37% to the nation’s GDP in the first quarter of 2022, higher than the share recorded in the first quarter of 2021 which was 90.75% and lower than the fourth quarter of 2021 recorded as 94.81%.
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