Nigeria has recorded a 3.11% year-on-year Gross Domestic Product (GDP) increase in the first quarter of 2022. ayokinews.com reports
This was made known in a Gross Domestic Report released by the National Bureau of Statistics (NBS)
The statistic represents the Nigerian economy’s sixth consecutive quarter of positive growth.
Growth rate in Q1 2022 was 2.60% points greater than the 0.51% rate in the same period of 2021 and 0.88% points lower than the 3.98% rate in Q4 2021.
However, as compared to Q4 2021, real GDP declined by 14.66% in Q1 2022, indicating reduced economic activity.
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In Q1 2022, the Nigerian economy’s oil industry shrank by 26.04% year on year, a fall of 23.83% points from the previous quarter.
Nigeria produced 1.49 million barrels per day (mbpd) on average in the first quarter (Q1) of 2022, 0.23 million barrels per day (mbpd) less than in the same quarter of 2021, and 0.01 million barrels per day (mbpd) less than in the fourth quarter of 2021.
During the reference quarter, the non-oil sector, rose by 6.08% in real terms (Q1 2022). This rate was 5.28% higher than the same quarter of 2021 and 1.34% higher than the fourth quarter.
Information and Communication (Telecommunication), Trade, Financial and Insurance (Financial Institutions), Agriculture (Crop Production), and Manufacturing (Food, Beverage, and Tobacco) were the key drivers of non-oil GDP growth in the first quarter of 2022.
The non-oil industry generated 93.37% of the country’s GDP in real terms during the review period, while the oil sector accounted for 6.63%.
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