Trade, Telecoms Boost GDP Growth By 3.11% in Q1
The National Bureau of Statistics (NBS) announced that Nigerian economy has sustained a positive trend for the sixth consecutive quarter as it recorded a 3.11 per cent growth in the first four months of this year.
The NBS listed the major contributors to the growth as Information and Communication (Telecommunication), trade, financial and insurance (Financial Institutions), Agriculture (Crop Production), and Manufacturing (Food, Beverage & Tobacco).
The bureau noted that in real terms, the non-oil sector contributed 93.37 per cent to the GDP in the first quarter of 2022, a figure higher than the 90.75 per cent recorded in the first quarter of 2021 and lower than the fourth quarter of 2021 put at 94.81 per cent.
The Statistician- General of the Federation, Semiu Adeniran, stated that in the period under review, aggregate GDP stood at N45.31 trillion, which is higher than the N40.01 trillion recorded in the first quarter of 2021, thus indicating a year-on-year nominal growth rate of 13.25 per cent.
He says, “Agriculture, Industry and Services contributed 22.36 per cent, 21.47 per cent, and 56.17 per cent respectively to GDP in the review period. This shows higher contributions of Agriculture and services in the first quarter of 2022 compared to the first quarter of 2021, when it recorded 22.35 per cent and 53.90 per cent respectively.
“The economy has been on the path of growth for five quarters, signifying an exit from the recession after the recession experienced by the country in 2020 occasioned by the Covid-19 pandemic.”
Adeniran further highlighted the recent performance of the economy over the last five quarters, including the growth recorded: 0.11 per cent (fourth quarter 2020), 0.51 per cent (first quarter 2021), 5.01 per cent (second quarter 2021), 4.03 per cent (third quarter 2021), and 3.98 per cent (fourth quarter 2021).
He added, “I am pleased to announce to you that the economy maintained this positive trend for the sixth consecutive quarter, recording an output growth of 3.11 per cent in the first quarter of 2022 on a year-on-year basis. It is important to state that the improvement seen in the output growth over time depicts steady progress made by the nation in restoring economic stability disrupted by the Covid-19 pandemic. Thus, we are gradually tending towards economic stability.”
Giving the summary of first quarter 2022 GDP estimates, the NBS boss stated in nominal terms, that aggregate GDP stood at N45.32 trillion in the first quarter of 2022.
He explained that the performance was higher when compared to the first quarter of 2021 which recorded N40.01 trillion, indicating a year-on-year nominal growth rate of 13.25 per cent.
According to him, the Nominal GDP in the preceding quarter of the fourth quarter of 2021 stood at N49.28 trillion.
“In terms of real GDP, the first quarter of 2022 was recorded at N17.35 trillion, higher by N522.49 billion than the N16.83 trillion recorded in the first quarter of 2021. This shows output growth of 3.11 per cent in the first quarter of 2022. Output in the first quarter of 2022 was, however, lower by N2.98 trillion when compared to the fourth quarter of 2021 when the aggregate real GDP was N20.33 trillion, he added”.