Nigeria’s economic growth slows sharply in Q3, falls to 2.25%

Nigeria’s economy grew at a slower pace in the third quarter of this year, compared to the previous quarter, official data released on Thursday show

Africa’s biggest economy saw its Gross Domestic Product (GDP) grow by 2.25 percent (year-on-year) in real terms in Q3 2022, down from 3.54 percent in Q2 and 4.03 percent in the same period last year, according to the National Bureau of Statistics (NBS).

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“The reduction in growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities,” the NBS said.