Nigeria’s GDP growth slows to 2.25% in Q3 2022

Nairametrics

Nigeria’s gross domestic product (GDP) grew by 2.25% year-on-year in Q3 2022, marking the slowest growth since the Covid-19 pandemic. 

This information is according to the latest GDP report by the National Bureau of Statistics (NBS).

According to the NBS, the slow 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% points from the 4.03% growth rate recorded in Q3 2021 and 1.29% points relative to 3.54% in Q2 2022.

In nominal terms, aggregate GDP stood at N52.26 trillion in the quarter under review, representing a 15.83% growth compared to N45.11 trillion recorded in the corresponding period of 2021. Q3 2022 growth is higher compared to 15.03% and 15.41% recorded in Q2 2022 and Q3 2021 respectively.

The Oil Sector: This sector recorded -22.67% (year-on-year) as of Q3 2022, indicating a decrease of 11.94% points relative to the rate recorded in the corresponding quarter of 2021.

Also, the growth rate decreased by 10.91% points compared to the 11.77% contraction recorded in the previous period. 

  • The Oil sector contributed 5.66% to the total real GDP in Q3 2022, down from the figures recorded in the corresponding period of 2021 and the preceding quarter, where it contributed 7.49% and 6.33%, respectively. 
  • In the third quarter of 2022, Nigeria recorded an average daily oil production of 1.20 million barrels per day (mbpd), lower than the daily average production of 1.57mbpd recorded in the same quarter of 2021 by 0.37mbpd. 
  • It is also lower than the 1.43 mbpd recorded in the previous quarter.  

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