BusinessDay

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.

Details soon…

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