Nigeria’s economy expands 3.11% in Q1 2022

Nigeria’s Gross Domestic Product (GDP) grew by 3.11% (year-on-year) in real terms in the first quarter of 2022, despite a sharp contraction in the oil sector.

The oil sector contracted by 26.04% (year-on-year) in Q1 2022 indicating a decrease of 23.83% points relative to the rate recorded in the corresponding quarter of 2021. The non-oil sector however grew 6.08 percent, the National Bureau of Statistics said Monday.

The Q1 number marks the sixth consecutive quarter of growth since the recession witnessed in 2020.

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