gtag('config', 'G-4J8L8BEK7P');
Connect with us

Hi, what are you looking for?

Business

NIGERIA RECORDS 3.11% ECONOMIC GROWTH IN Q1’22, NBS SAYS

Nigeria’s Gross Domestic Product (GDP) grew by 3.11% (year-on-year) in real terms in the first quarter of 2022, indicating the sixth consecutive quarter of positive growth by the Nigerian economy.

This is according to the recently released Gross Domestic Report, released by the National Bureau of Statistics (NBS) on Monday morning.

The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in the corresponding period of 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points.

Advertisement. Scroll to continue reading.

However, on a quarter-on-quarter basis, real GDP contracted by 14.66% 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 26.04% (year-on-year) in Q1 2022, indicating a decrease of 23.83% points relative to the rate recorded in the corresponding quarter of 2021.

According to the report, 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 6.08% in real terms during the reference quarter (Q1 2022). This rate was higher by 5.28% points compared to the rate recorded same quarter of 2021 and 1.34% points higher than the fourth quarter of 2021.

Advertisement. Scroll to continue reading.

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.

Click to comment

Leave a Reply

Your email address will not be published.

In other news

Economy

Nigeria’s inflation rose to 16.82% in April 2022, following a similar uptick recorded in the previous month as a result of the increase in...

Business

The Minister of Transportation, Rotimi Amaechi, has promised to seek the approval of the Federal Executive Council (FEC) for the commencement of Ibadan Dry...

Business

The currency in circulation in Nigeria fell by N37.94 billion in February to N3.25 trillion compared to N3.29 trillion recorded as of January 2022....

Advertisement