Nigeria’s Gross Domestic Product (GDP) grew by 3.11% (year-on-year) in real terms in the first quarter (Q1) of 2022, showing a sustained positive growth for six consecutive quarters 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% growth rate recorded in Q1 2021 but lower than 3.98% recorded in Q4 2021 as oil output continued to slump, according to the latest data from the National Bureau of Statistics (NBS).

The first quarter 2022 growth rate further represents an improvement in economic performance. The observed trend since Q4 2020 is an indication of a gradual economic stability.

Nevertheless, quarter-on-quarter, real GDP grew at -14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.

In the quarter under review, aggregate GDP stood at N45.317 trillion in nominal terms. This performance is higher when compared to the first quarter of 2021 which recorded aggregate GDP of N40.01 trillion, indicating a year-on-year nominal growth rate of 13.25%.

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