Nigeria's economy grows by 3.11% in Q1, the 6th consecutive quarter of growth since 2020 recession

Nigeria's economy grows by 3.11% in Q1, the 6th consecutive quarter of growth since 2020 recession

  • For the sixth consecutive quarter, the Nigerian economy has recorded a positive growth and it is now in the level pre-recession.
  • The news will come as a huge relief for the federal government as it battles to revive the economy from its lingering challenges
  • Despite the first quarter's 3.11 per cent growth, it shows the economy is on the reversal when compared to Q4, 2021

The economy of Nigeria sustained its recovery in the first quarter of 2022, as the National Bureau of Statistics, NBS reveals a GDP growth rate of 3.11%.

The NBS stated this in the Nigerian Gross Domestic Product Report (Q1 2022) released on its website Monday, 23 May 2022.

The first-quarter growth rate will make it the sixth consecutive positive growth rate in the economy since the COVID-19 induced recession of 2020.

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Nigeria's economy, 2020 recession
Nigerian economy records 6th consecutive positive growth Credit: Pius Utomi Ekpei
Source: Getty Images

This will come as cheering news for President Muhammdu Buhari led administration when the latest figure is compared to the first quarter of the year (Q1’21) which stood at 0.51%

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Details of NBS GDP report

According to NBS The first quarter 2022 growth rate further represents an improvement in economic performance.

It also noted that the observed trend since Q4 2020 is an indication of gradual economic stability.

It said:

"Gross Domestic Product (GDP) grew by 3.11% (year-on-year) in real terms in the first quarter 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."

NBS also disclosed that for the quarter under review, aggregate GDP stood at N45,317,823.33 million in nominal terms, Vanguard reports.

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“This performance is higher when compared to the first quarter of 2021 which recorded aggregate GDP of N40,014,482.74 million, indicating a year-on-year nominal growth rate of 13.25%. The nominal GDP growth rate in Q1 2022 was higher relative to the 12.25% growth recorded in the first quarter of 2021 and higher compared to the 13.11% growth recorded in the preceding quarter.”

Fuel scarcity drives up the price of diesel

Meanwhile, previously reported that fuel scarcity had driven up the price of diesel to N550 per litre.

Buyers interviewed by Legit lamented the ripple effect of the hike in petroleum products in the country.

Michael Agwu, a businessman told in Lagos that what the price increase means is that it will further drive up inflation in the country.


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