The National Bureau of Statistics (NBS) reported on Monday that Nigeria’s economy grew by 3.11%, year on year (YoY), in the first quarter of this year, from 0.51% as recorded in the corresponding quarter of last year.
The Bureau noted in its Nigerian Gross Domestic Product Report (Q1 2022) that the Q1 growth represented the six consecutive quarters the economy had been on positive trajectory since the Covid-19 triggered 2020 recession when the economy recorded negative growth rates in Q2 and Q3 of the year.
The Bureau in the GDP report stated: “Gross Domestic Product (GDP) grew by 3.11% (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.”
According to the NBS, the Q1 2022 growth rate further represents an improvement in economic performance, adding that the observed positive trajectory of the economy since Q4 2020 is an indication of gradual economic stability.
The report’s figures further reflected that 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.
The Bureau clarified that quarter-on-quarter, the economy’s real GDP grew at -14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.
It further stated that the aggregate GDP stood at N45,317, 823.33 in nominal terms in the quarter under review which was higher when compared to the first quarter of 2021 which recorded aggregate GDP of N40,014,482.74, indicating a year-on-year nominal growth rate of 13.25%.
The agency also reported that 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.
Highlighting the sectoral performances of the economy, the NBS reported that the oil sector contracted by 26.0pc in the quarter under review, after shrinking by 8.1pc in the prior three months.
Specifically, it stated that Nigeria’s oil production averaged 1.49mn b/d in the first quarter, 10,000 b/d below the fourth quarter and 230,000 b/d below January-March 2021.
On the other hand, the non-oil sector grew by 6.08% in real terms in Q1 2022, higher by 5.28% points compared to the rate recorded in the corresponding period of last year and 1.34% points higher than Q4 2021.
The Bureau attributed that non-oil sector improved performance in the first quarter of 2022 mainly to contributions by Information and Communication (Telecommunication); Trade; Financial and Insurance (Financial Institutions); Agriculture (Crop Production); and Manufacturing (Food, Beverage & Tobacco), accounting for positive GDP growth.
A further analysis of the sectoral performances of the economy showed that in real terms, the non-oil sector contributed 93.37% to the nation’s GDP while the oil sector accounted for 6.63% of the GDP in the review period.
