Nigeria’s GDP Slows to 2.25% in Q3

James Emejo in Abuja

Nigeria’s Gross Domestic Product (GDP) grew by 2.25 per cent  (year-on-year) in real terms in the third quarter of the year (Q3 2022, representing a 1.78 per cent decline compared to 4.03 per cent growth rate Q3 2021, the national Bureau of Statistics (NBS) said Thursday.

The reduction in growth was attributed to the base effects of the recession and the challenging economic conditions which had impeded productive activities in the country.

Growth also decreased by 1.29 per cent when compared to the 3.54 per cent growth rate recorded in the preceding quarter.

According to the Nigerian Gross Domestic Product Report (Q3 2022), which was released by the statistical agency,

The NBS, however, noted 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 N52.26 trillion in nominal terms, higher than the N45.11 trillion recorded in Q3 2021, and 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 Q3 quarter 2021 and higher compared to the 15.03 per cent recorded in the preceding quarter.

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