Nigeria’s Gross Domestic Product (GDP) grew by 3.11 per cent (year-on-year) in the first quarter of 2022, indicating the sixth consecutive quarter of positive growth by the Nigerian economy.
This is according to the recently released Gross Domestic Report, by the National Bureau of Statistics (NBS).
The Q1 2022 growth rate in real terms was higher than the 0.51per cent growth rate recorded in the corresponding period of 2021 by 2.60 per cent points and lower than 3.98 per cent recorded in Q4 2021 by 0.88per centage points.
However, on a quarter-on-quarter basis, real GDP contracted by 14.66per cent in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.
According to the NBS, the oil sector of the Nigerian economy contracted by 26.04per cent (year-on-year) in Q1 2022, indicating a decrease of 23.83per cent points relative to the rate recorded in the corresponding quarter of 2021.
Nigeria recorded an average daily oil production of 1.49 million barrels per day (mbpd) in Q1 2022, lower than the daily average production of 1.72mbpd recorded in the same quarter of 2021 by 0.23mbpd and lower than the fourth quarter 2021 production volume of 1.50mbpd by 0.01mbpd.
On the other hand, the non-oil sector grew by 6.08per cent in real terms during the reference quarter (Q1 2022). This rate was higher by 5.28per cent compared to the rate recorded same quarter of 2021 and 1.34 points points higher than the fourth quarter of 2021.
The report further stated that non-oil sector was driven in the first quarter of 2022 mainly by Information and Communication (Telecommunication); Trade; Financial and Insurance (Financial Institutions); Agriculture (Crop Production); and Manufacturing (Food, Beverage & Tobacco), accounting for positive GDP growth.
In real terms, the non-oil sector contributed 93.37per cent to the nation’s GDP while the oil sector accounted for 6.63per cent of the GDP in the review period.
The statistics office noted that Nigeria has been able to maintain strong growth in the past six quarters on the back of significant expansionary monetary policies by the Central Bank of Nigeria. A cursory look at the report shows that the non-oil sector drove the growth recorded in the Nigerian economy, largely due to the telecommunication, banking, and agricultural sectors.
IN CASE YOU MISSED THESE FROM NIGERIAN TRIBUNE
- Revealed! Details Of South-West APC Leaders Meeting With Presidential Aspirants
- Supreme Court Has Cleared Civil Servants To Participate In Politics, Falana Tells FG
- Battle For New Alaafin Begins As Ruling Houses Insist On Producing Next Oba
- Court Admits More Evidence Against Alleged Fake Army General, Bolarinwa
- I’m Every Man’s Choice Now, My DM Is Crazy —Eniola Badmus
- It Is Now Bye To Decency: Crazy Fashion Trends At Owambe Parties