Tuesday, November 29, 2022

Nigeria’s GDP improves by 2.25% in Q3 – NBS

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The National Bureau of Statistics, NBS, says Nigeria’s Gross Domestic Product, GDP, grew by 2.25 per cent in the third quarter of 2022 on a year-on-year basis.

The NBS said this in its Nigerian Gross Domestic Product Report Q3 2022 released in Abuja on Thursday.

According to the report, the growth rate declined from 4.03 per cent in the third quarter of 2021.

The NBS said the reduction in growth was attributable to the base effects of the recession and the challenging economic conditions that had impeded productive activities.

“The Q3 2022 growth rate decreased by 1.78 per cent points from the 4.03 per cent  growth rate recorded in Q3 2021 and decreased by 1.29 per cent  points relative to 3.54 per cent  in Q2 2022.”

“However, on a quarter-on-quarter basis , real GDP grew at 9.68 per cent  in Q3 2022, reflecting a higher economic activity in Q3 2022 than Q2 2022. “

The report said in Q3 2022, aggregate GDP stood at N52,255,809.62 million in nominal terms.

”This performance is higher when compared to the third quarter of 2021 which recorded aggregate GDP of N45,113,448.06 million, indicating a year-on-year nominal growth rate of 15.83 per cent.”

The report said the nominal GDP growth rate in Q3 2022 was higher relative to the 15.41 per cent growth recorded in the Q3 2021 and higher compared to the 15.03 per cent  growth recorded in Q2 2022.

It said crude oil production in the third quarter of 2022 recorded an average daily oil production of 1.20 million barrels per day (mbpd).

It said this was lower than the daily average production of 1.57mbpd recorded in Q3 2021 by 0.37mbpd.

“This is also lower than  Q2 2022 production volume of 1.43 mbpd by 0.24mbpd.”

The report said the Oil sector contributed 5.66 per cent  to the total real GDP in Q3 2022.

It said this showed a decrease  from the figures recorded in Q3 2021 and the Q2 2022,  where it contributed 7.49 per cent  and 6.33 per cent,  respectively.

The NBS said the non-oil sector grew by 4.27 per cent  in real terms in Q3 2022.

It said in real terms, the non-Oil sector contributed 94.34 per cent  to the nation’s GDP in Q3 2022.

“This is higher than the share recorded in the third quarter of 2021 which was 92.51 per cent  and higher than the second quarter of 2022 recorded at  93.67 per cent.”

The report said the agriculture sector grew by 20.07 per cent on a  year-on-year in nominal terms in Q3 2022, showing an increase of 12.13 per cent  points from Q3  2021.

It said in Q3 2022, the nominal year-on-year growth rate of Trade stood at 13.17% per cent.

“This indicates a decrease of 1.67 per cent  points when compared to Q3 2021 growth rate of 14.84 per cent  and 1.42 per cent  points lower than Q2 2022  growth rate of 14.59 per cent.”


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