Nigeria’s GDP grew by 2.25% in Q3 2022, says NBS

Nigeria’s Gross Domestic Product (GDP) grew by 2.25 per cent (year-on-year) in real terms in the third quarter (Q3) of 2022.

The National Bureau of Statistics (NBS) which stated this in its data released on Thursday, said the growth rate declined from 4.03 per cent recorded in the third quarter of 2021.

“The reduction in growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities.

“The Q3 2022 growth rate decreased by 1.78 per cent points from the 4.03 per cent growth rate recorded in Q3 2021 and decreased by 1.29 per cent points relative to 3.54 per cent in Q2 2022.

“However, quarter-on-quarter, real GDP grew at 9.68 per cent in Q3 2022, reflecting a higher economic activity in Q3 2022 than the preceding quarter”, the NBS stated.

In the quarter under review, aggregate GDP stood at N52,255,809.62 million in nominal terms, and this performance is higher when compared to the third quarter of 2021 which recorded aggregate GDP of N45,113,448.06 million, indicating a year-on-year nominal growth rate of 15.83 per cent.

The nominal GDP growth rate in Q3 2022 was higher relative to the 15.41 per cent growth recorded in the third quarter of 2021 and higher compared to the 15.03 per cent growth recorded in the preceding quarter.

The NBS further stated that “For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors”.

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