THE National Bureau of Statistics (NBS) on Monday says the Nigerian economy grew by 3.11 per cent in the first quarter of 2022, “launching Nigeria to economic stability.”
According to the NBS in a tweet on its official page, @NBS_Nigeria, the gross domestic product (GDP) grew by 3.11 per cent (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.
“The first quarter 2022 growth rate further represents an improvement in economic performance,” the Bureau stated.
The statement said the trend signalled a gradual economic stability since the first quarter of 2020.
The NBS explained that the first quarter in 2022 growth rate was higher than the 0.51 per cent growth rate recorded in the corresponding period in 2021 by 2.60 per cent points, but lower than the 3.98 per cent recorded in the fourth quarter of 2021 by 0.88 per cent points.
Nevertheless, quarter-on-quarter, real GDP grew at -14.66 per cent in the first quarter of 2022, compared to the fourth quarter in 2021, reflecting a lower economic activity than the preceding quarter.
“Aggregate GDP in the quarter under review stood at N45,317,823.33 million in nominal terms.
“This performance is higher when compared to the first quarter of 2021, which recorded an aggregate GDP of N40,014,482.74 million, indicating a year-on-year nominal growth rate of 13.25%.
“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,” the statement read.