The National Bureau of Statistics (NBS) published the Gross Domestic Product (GDP) figures for Q1:2022 today, revealing a 3.11% Y-o-Y growth in the economy. Although the domestic growth rate has slowed for the 3rd consecutive quarter (vs. 3.98% in Q4:2021).
The oil sector contracted by -26.04% Y-o-Y in Q1:2022, a significant decline from -8.06% contraction in Q4:2021 and worse off (-2.21%) recorded in Q1:2021. The non-oil sector expanded by +6.08% in Q1:2022, higher than the published figures of +4.73% and +0.79% in Q4:2021 and Q1:2021, respectively.
Overall, the oil sector's contribution rose to 6.63% of total real GDP in Q1:2022 from 5.19% in Q4:2021, while non-oil contribution declined to 93.37% in Q1:2022, from 94.81% in Q4:2021.
reporting for easykobo.com on Monday, May 23 2022 from Lagos, Nigeria