Nigeria’s economy grew 3.11 per cent in the first quarter of 2022, the National Bureau of Statistics (NBS), said on Monday.
The Gross Domestic Product, which measures the size of the economy, expanded at a slower rate than the previous quarter — the fourth quarter of 2021 the NBS said Monday. It grew by 3.98 per cent in the fourth quarter of 2021.
The performance was, however, better than a year ago when the economy grew 0.51 per cent in the first quarter of 2021.
The announcement is coming as the country and investors await the interest rate decision by the Central Bank of Nigeria as inflation continues to surge.
Analysts expect the CBN too raise rates, especially after major economies, including the United States, took a similar decision in a bid to tame rising consumer prices.
The central bank has maintained the benchmark rate at 11.5 per cent since September 2020, cautious not to hurt growth following the gradual recovery from the COVID crisis.
The growth recorded in the first three months of 2022 was the sixth consecutive economic expansion. The full-year GDP figure for 2021 was the fastest growth in seven years.
In the NBS report, non-oil sectors such as financials, communication, trade and healthcare were among those that recorded the fastest growth.
“The observed trend since Q4 of 2020 is an indication of a gradual economic stability,” the statistics office said
Crude petroleum and natural gas, road transport, quarrying and other minerals lagged.
The oil sector declined by 26.04 per cent in the first quarter, compared with an 8.06 per cent contraction the previous quarter.
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