Nigeria’s GDP improved by 3.11% in Q1 of 2022: NBS

The Nationwide Bureau of Statistics (NBS) says Nigeria’s Gross Home Product (GDP) grew by 3.11

The Nationwide Bureau of Statistics (NBS) says Nigeria’s Gross Home Product (GDP) grew by 3.11 per cent within the first quarter of 2022.

That is in line with the NBS Nigerian Gross Home Product Report Q1 2022 launched in Abuja on Monday.

The report acknowledged that Nigeria’s GDP grew by 3.11 per cent year-on-year in actual phrases within the first quarter of 2022.

It stated this confirmed a sustained optimistic progress for six consecutive quarters for the reason that recession witnessed in 2020 when unfavourable progress charges have been recorded in quarter two and three of 2020.

The NBS stated the primary quarter 2022 progress fee additional represents an enchancment in financial efficiency. “The noticed pattern since This fall of 2020 is a sign of a gradual financial stability.

“The Q1 of 2022 progress fee was increased than the 0.51 per cent progress fee recorded in Q1 of 2021 by 2.60 per cent factors and decrease than 3.98 per cent recorded in This fall of 2021 by 0.88 per cent factors.

“However, quarter-on-quarter, actual GDP grew at -14.66 per cent in Q1 of 2022, in comparison with This fall of 2021, reflecting a decrease financial exercise than the previous quarter.”

The report stated within the interval beneath assessment, mixture GDP stood at about N45.317 million in nominal phrases.

This efficiency is increased when in comparison with the primary quarter of 2021 which recorded mixture GDP of about N40.014 million, indicating a year-on-year nominal progress fee of 13.25 per cent.

It stated the nominal GDP progress fee in Q1 2022 was increased relative to the 12.25 per cent progress recorded in Q1 2021, and better in comparison with the 13.11 per cent progress recorded within the previous quarter.

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