Nigeria’s Gross Domestic Product grew by 3.11 per cent in the first quarter of 2022.
The National Bureau of Statistics disclosed this in its Nigerian Gross Domestic Product Report Q1, 2022, released on Monday.
It stated that, “Nigeria’s Gross Domestic Product grew by 3.11 per cent (year-on-year) in real terms in the first quarter of 2022, showing a sustained positive growth for the sixth consecutive quarter since the recession witnessed in 2020 when negative growth rates were recorded in quarter two and three of 2020.
The Q1, 2022 growth rate was higher than the 0.51 per cent growth rate recorded in Q1, 2021 by 2.60 per cent points and lower than 3.98 per cent recorded in Q4, 2021 by 0.88 per cent points.
“Nevertheless, quarter-on-quarter, real GDP grew at -14.66 per cent in Q1, 2022 compared to Q4, 2021, reflecting a lower economic activity than the preceding quarter.”
It added that in the quarter under review, aggregate GDP stood at N45.32tn in nominal terms.