Finance

GDP: Non-oil sector grows by 6.08% in Q1 2022


Nigeria’s non-oil sector grew by 6.08 % (year-on-year) in real terms in the first quarter of 2022, an increase of 5.28 points from the preceding quarter which recorded a growth rate of 3.58%, compared to the rate recorded same quarter of 2021 and 1.34% points higher than the fourth quarter of 2021.

According to the Nigerian Gross Domestic Product Report (Q1 2022) released by the National Bureau of Statistics (NBS) the sector was driven in the first quarter of 2022 mainly by Information and Communication (Telecommunication); Trade; Financial and Insurance (Financial Institutions); Agriculture (Crop Production); and Manufacturing (Food, Beverage & Tobacco), accounting for positive GDP growth.

In real terms, the non-oil sector contributed 93.37% to the nation’s GDP in the first quarter of 2022, higher than the share recorded in the first quarter of 2021 which was 90.75% and lower than the fourth quarter of 2021 recorded as 94.81%

Key highlights

NBS revealed that non-oil sector grew by 6.08% (year-on-year) in real terms in the first quarter of 2022, an increase of 5.28 points from the preceding quarter which recorded a growth rate of 3.58%. compared to the rate recorded same quarter of 2021 and 1.34% points higher than the fourth quarter of 2021.

  • The sector contributed 93.37% to the nation’s GDP in the first quarter of 2022, higher than the share recorded in the first quarter of 2021 which was 90.75% and lower than the fourth quarter of 2021 recorded as 94.81%
  • The sector was driven in the first quarter of 2022 mainly by Information and Communication (Telecommunication); Trade; Financial and Insurance (Financial Institutions); Agriculture (Crop Production); and Manufacturing (Food, Beverage & Tobacco), accounting for positive GDP growth.

What you should know

  • 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.
  • The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in Q1 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points.
  • 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 N45,317,823.33 million in nominal terms.
  • 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.



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