NBS: Nigeria’s GDP rises by 3.11% in 2022 Q1

The National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product (GDP) at basic prices grew by 3.11 per cent in quarter one of 2022 on a year-on-year basis.

The NBS said this showed a higher growth rate compared to the corresponding period of 2021.

It made this known via the Nigerian Gross Domestic Product Report (Expenditure and Income Approach) for Q1 and Q2 of 2022 released on Thursday.

The NBS stated that the growth in Q2 2022 remained positive at 3.54 per cent, though lower compared to the growth rate recorded in Q2 of 2021 at 5.01 per cent.

“However, relative to Q1 and Q2 of 2021, the performance in 2022 indicates an increase of 2.60 per cent points in Q1 2022 growth rate and a decrease of 1.47 per cent points in Q2 2022,” it said.

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It noted that Household Consumption Expenditure in Q1 and Q2 2022 grew by 6.94 per cent and 17.64 per cent in real terms, on a year- on year basis.

“The growth rates in Q1 and Q2 of 2022 were lower than the rates recorded in Q1 and Q2 of 2021 respectively,” the NBS stated.

It said Government Consumption Expenditure recorded growth rates of 9.91 per cent and -12.99 per cent in Q1 and Q2 2022, on a year-on-year basis, compared to -4.57 per cent and -53.56 per cent in Q1 and Q2 2021.

The NBS revealed that Net Exports recorded positive growth rates in the first two quarters of 2020 and moved to negative growth rates in the third and fourth quarters of 2020 as well as in the first three quarters of 2021.

“This is a departure from the trend in 2019. However, negative growth rates were recorded in the first and second quarters of 2022.

“Net exports grew in real terms in Q1 and Q2 2022 by -98.46 per cent and -92.76 per cent.

“These rates were lower than -91.74 per cent and -49.30 per cent recorded in Q1 and Q2 2021,” it said.

The NBS said National Disposable Income grew by 2.00 per cent both in Q1 and Q2 of 2022.

It, however, said a growth rate of -6.46 per cent and -5.66 per cent was recorded in Q1 and Q2 of 2021 respectively on a year-on-year basis in real terms.

It stated that growth of National Disposable Income shifted to positive since Q4 2021, showing a better performance in 2022 compared to Q1 and Q2 2021.

The NBS noted that Compensation of Employees in Q1 and Q2 of 2022 grew by 6.48 per cent, and 3.93 per cent respectively in real terms on a year-on-year basis.

“However, these growth rates were lower than 9.26 per cent and 19.44 per cent recorded in Q1 and Q2 2021,” it said.

The Star