Nigeria’s GDP Drops 1.78% To 2.25% In Q3 2022, Says NBS

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The National Bureau of Statistics (NBS), yesterday, disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 2.25 percent (year-on-year) in real terms in the third quarter of 2022.

According to a document obtained from the bureau’s website, the growth rate declined from 4.03 percent in the third quarter of 2021. The reduction in growth, the bureau said, is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities.

Also, the Q3 2022 growth rate decreased by 1.78 percent points from the 4.03 percent growth rate recorded in Q3 2021 and decreased by 1.29 percent points relative to 3.54 percent in Q2 2022.

However, on quarter-on-quarter, real GDP grew at 9.68 percent in Q3 2022, reflecting a higher economic activity in Q3 2022 than the preceding quarter.

“In the quarter under review, aggregate GDP stood at N52,255,809.62 million in nominal terms. This performance is higher when compared to the third quarter of 2021 which recorded aggregate GDP of N45,113,448.06 million, indicating a year-on-year nominal growth rate of 15.83 percent.

The nominal GDP growth rate in Q3 2022 was higher relative to the 15.41 percent growth recorded in the third quarter of 2021 and higher compared to the 15.03 percent growth recorded in the preceding quarter.

For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors” NBS said.

In the oil sector, the nation in the third quarter of 2022 recorded an average daily oil production of 1.20 million barrels per day (mbpd), lower than the daily average production of 1.57mbpd recorded in the same quarter of 2021 by 0.37mbpd and lower than the second quarter of 2022 production volume of 1.43 mbpd by 0.24mbpd.

“The real growth of the oil sector was –22.67 percent (year-on-year) in Q3 2022 indicating a decrease of 11.94 percent points relative to the rate recorded in the corresponding quarter of 2021. Growth also decreased by 10.91 points when compared to Q2 2022 which was –11.77 percent” it said.

On quarter-on-quarter, the oil sector recorded a growth rate of -1.80 percent in Q3 2022 contributing about 5.66 percent to the total real GDP in Q3 2022, down from the figures recorded in the corresponding period of 2021 and the preceding quarter, where it contributed 7.49 percent and 6.33 percent respectively.

 

 


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