Nigerian Economy Grows 3.11% in Q1

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(Last Updated On: May 24, 2022)

Nigerian Economy Grows 3.11% in Q1

Nigeria’s gross domestic product (GDP) expands 3.11% in the first quarter (Q1) of the fiscal year 2022 to $42 billion, according to the National Bureau of Statistics (NBS) latest report.

However, the growth pace slowdown when compared to the level seen in the fourth quarter of 2021 due to a fall in crude production.

According to the NBS report, the Q1 growth marks the sixth consecutive quarterly growth recorded, with the non-oil sector helping the economy bounce back from a severe recession caused by the impact of the COVID-19 pandemic.

In the fourth quarter of last year, Nigeria’s economy had inched upward by 3.98%. In the first three months of last year, the growth rate was 0.51%.

“After the recession experienced by the country in 2020 occasioned by the COVID-19 pandemic, the economy has been on the path of growth,” the National Bureau of Statistics (NBS) said.

It said financials, communication, trade and healthcare were among the fastest growing sectors. However, oil refining, crude petroleum and natural gas, road transport, quarrying and other minerals were among the most sluggish.

The oil sector shrank by 26.04% in the first quarter, compared with an 8.06% contraction in the previous quarter. Crude production fell to 1.49 million barrels per day in the first quarter from 1.50 million barrels in the previous three months.

Frequent vandalism and illegal refining in the oil-producing Niger Delta region have kept the sector under pressure. Nigeria has struggled to meet its production targets, partly missing out on the effects of the global surge in oil prices.

Nigeria’s economy rose to N17.35 trillion ($42 billion) in the three months to March, compared with N16.83 trillion in the same quarter of 2021, the statistics office said.

“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 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%”, NBS said.

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.

# Nigeria’s Gross Domestic Product Expands 3.11% in Q1
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