Nigeria’s GDP Slows Down To 2.25%
Nigeria’s economy grew by 2.25 per cent in the third quarter of the year, indicating a 1.78 per cent dip from the 4.03 per cent growth rate of the corresponding period in 2021.
Equally, the growth figure for the quarter slows down by 1.29 per cent from 3.54 per cent in the second quarter of 2022.
The growth record is contained in the latest report on the country’s gross national product (GDP) by the National Bureau of Statistics (NBS) which shows the 2.25 growth rate is the slowest since the Covid-19 pandemic.
The Bureau blamed the decline on the base effects of the recession and the challenging economic conditions that have impeded productive activities.
It said, “Nigeria’s Gross Domestic Product (GDP) grew by 2.25 per cent (year-on-year) in real terms in the third quarter of 2022.
“This growth rate declined from 4.03 per cent in the third quarter of 2021. The reduction in growth is attributable to the base effects of the recession and the challenging economic conditions that have 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.”
The report, however, stated that quarter-on-quarter, real GDP grew at 9.68 per cent in Q3 2022, reflecting a higher economic activity in Q3 2022 than the preceding quarter.
“In the quarter under review, aggregate GDP stood at N52.255 trillion in nominal terms”, stated the NBS which noted that “This performance is higher when compared to the third quarter of 2021 which recorded aggregate GDP of N45.113trn indicating a year-on-year nominal growth rate of 15.83 per cent.
“The nominal GDP growth rate in Q3 2022 was higher relative to the 15.41 per cent growth recorded in the third quarter of 2021 and higher compared to the 15.03 per cent growth recorded in the preceding quarter”, it added.
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