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Nigeria’s economic growth falls to 2.25%

  • Business

The National Bureau of Statistics (NBS) has revealed that in the third quarter, Nigeria recorded a growth of 2.25 percent year-on-year in real terms.

NBS stated this in its GDP official data report released on Thursday on its website.

However, according to the data, the growth recorded in the third quarter was down from 3.54 per cent in Q2 and 4.03 per cent in the same period last year.

“The reduction in growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities,” the NBS said.

It added, “The Q3 2022 growth rate decreased by 1.78% points from the 4.03% growth rate recorded in Q3 2021 and decreased by 1.29% points relative to 3.54% in Q2 2022. “

Read also:Nigerians spend N9.5trn monthly on living expenses —NBS

“However, quarter-on-quarter, real GDP grew at 9.68% in Q3 2022, reflecting a higher economic activity in Q3 2022 than the preceding quarter.”

In the quarter under review, NBS revealed that the aggregate GDP stood at N52.25 trillion in nominal terms.

This performance is higher when compared to the third quarter of 2021 which recorded aggregate GDP of N45.11 trillion indicating a year-on-year nominal growth rate of 15.83%.

“The nominal GDP growth rate in Q3 2022 was higher relative to the 15.41% growth recorded in the third quarter of 2021 and higher compared to the 15.03% growth recorded in the preceding quarter.

“For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors,” it stated.

Source: Ripples Nigeria