Nigeria’s GDP records 3.11% growth in first quarter of 2022 | Dailytrust

Nigeria’s GDP records 3.11% growth in first quarter of 2022

Gross Domestic Product (GDP)
Gross Domestic Product (GDP)

Nigeria’s Gross Domestic Production (GDP) has sustained a positive growth to record a 3.11 per cent in the first quarter of 2022.

But the figure is a slight drop from the 3.98 per cent recorded in Q4.

Speaking at a press conference on Monday, the Statistician-General of the Federation and CEO of the National Bureau of Statistics (NBS), Semiu Adeyemi Adediran, said the Nigerian economy has maintained a positive trend for the sixth consecutive quarter after the economic shock by the COVID-19 pandemic.

Adeniran stated that in nominal terms, the aggregate GDP stood at N45.32trn, which is higher when compared to the first quarter of 2021 which recorded N40.01 trillion a 13.25 per cent growth.

However, Nominal GDP in the preceding quarter of Q4 2021 stood at N49.28trn.

“In terms of real GDP, the first quarter of 2022 was recorded at N17.35 trillion, higher by N522.49 billion than the N16.83 trillion recorded in the first quarter of 2021.

“This shows output growth of 3.11% in the first quarter of 2022.

“Output in the first quarter of 2022 was, however, lower by N2.98 trillion when compared to the fourth quarter of 2021 when the aggregate real GDP was N20.33 trillion.”

On the broader sectoral performance, agriculture grew by 3.16 per cent in real terms, higher than the 2.28 recorded in the same period last year, according to Adeniran.

He however said industry grew in a negative trend of -6.81 per cent, which is a decline from the 0.94 per cent in the previous year while the Services sector grew by 7.45%, an improvement from -0.39% reported in the first quarter of 2021.

He added that the oil sector, which is the mainstay of the economy, production reduced to 1.49 million barrels per day (mbpd), 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 of 2021 production volume of 1.50mbpd by 0.01mbpd.

On the other hand, the non-oil sector grew by 6.08% in real terms which is higher than the 5.28% recorded in 2021.

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