Nigeria’s Economy Expanded 3.11% in First Quarter, NBS Says 


Nigeria’s Economy Expanded 3.11% in First Quarter, NBS Says

Nigeria’s economy grew by 3.11 per cent in the first quarter of 2022, compared with 0.51 percent during the same period a year ago, the National Bureau of Statistics said.

It represents the sixth consecutive quarter of growth since the economic contraction of 2020, and an indicator of sustained  recovery pointing improved stability in the economy, according to the statistics agency. “The first quarter 2022 growth rate further represents an improvement in economic performance,” NBS added.

Aggregate gross domestic product for the period was at 45.3 trillion naira,  representing a 13.25 percent year-on-year increase from the first quarter of 2021. GDP growth in the first quarter was  slower than the 3.98 percent recorded in the fourth quarter of 2021.