Nigeria’s Gross Domestic Product (GDP) grew 3.11 percent in the first quarter of 2022, slower than in the previous quarter, as a fall in oil production hit the rest of the economy.
TechEconomy analyses of the report released by the National Bureau of Statistics (NBS) on Monday show that 3.11 percent economic growth lacks inclusiveness and is way behind the country’s population growth.
Nigeria’s GDP in the fourth quarter of 2021 grew by 3.98 percent compared to 3.11 percent in the first quarter of 2022. In the first three months of 2021, the growth rate was 0.51 percent.
The Q4 2021 growth rate was higher than the 0.11 percent growth rate recorded in Q4 of 2020 by 3.87 percent points and lower than the 4.03 percent recorded in Q3 of 2021 by 0.05 percent points.
Further, Nigeria’s real Gross Domestic Product (real GDP) stood at N17.57 trillion, N3.1 trillion short of N20.67 trillion reported in the last quarter (Q4) of last year.
According to the NBS, it was the sixth consecutive quarter of growth, with non-oil sectors helping Nigeria bounce back from a harsh recession triggered by the COVID-19 pandemic.
It noted that the economy has been on the path of growth for five quarters, signifying an exit from the recession experienced by the country in 2020.
The full-year GDP figure for 2021 showed the fastest growth in seven years.
He highlighted the recent performance of the economy over the last five quarters to include growth recorded: 0.11% (Q4 2020), 0.51% (Q1 2021), 5.01% (Q2 2021), 4.03% (Q3 2021), and 3.98% (Q4 2021).
“I am pleased to announce to you that the economy maintained this positive trend for the sixth consecutive quarter, recording an output growth of 3.11% in the first quarter of 2022 on a year-on-year basis,” said Semiu Adeniran, Statistician-General of the Federation.