Nigeria’s Q1 2022 GDP rises by 3.1% 


Nigeria’s economy grew 3.11 per cent in the first quarter of 2022, the National Bureau of Statistics (NBS), said on Monday.

The Gross Domestic Product, which measures the size of the economy, expanded at a slower rate than the fourth quarter of 2021 when it grew by 3.98 per cent.

The performance was, however, better than the first quarter of 2021 when the economy grew 0.51 per cent.

The growth recorded in the first three months of 2022 was the sixth consecutive economic expansion. The full-year GDP figure for 2021 was the fastest growth in seven years.

In the NBS report, non-oil sectors such as financials, communication, trade and healthcare were among those that recorded the fastest growth.

“The observed trend since Q4 of 2020 is an indication of a gradual economic stability,” NBS said. 

The oil sector declined by 26.04 per cent in the first quarter, compared to 8.06 per cent contraction the previous quarter.

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