By Favour Nnabugwu
The National Bureau of Statistics, NBS, said that Nigeria’s economy grew by 3.11 percent year on year, YoY, in the first quarter of the year (Q1’22) from 0.51 percent recorded in the corresponding period in 2021 (Q1’21).
The NBS stated this in the Nigerian Gross Domestic Product Report (Q1 2022) released this morning.
The stated”Gross Domestic Product (GDP) grew by 3.11 percent (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.
“The first quarter 2022 growth rate further represents an improvement in economic performance. The observed trend since Q4 2020 is an indication of a gradual economic stability.
“The Q1 2022 growth rate was higher than the 0.51 percent growth rate recorded in Q1 2021 by 2.60 percent points and lower than 3.98% recorded in Q4 2021 by 0.88% points. Nevertheless, quarter-on-quarter, real GDP grew at -14.66 percent 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 percent. The nominal GDP growth rate in Q1 2022 was higher relative to the 12.25 percent growth recorded in the first quarter of 2021 and higher compared to the 13.11 percent growth recorded in the preceding quarter.”