Nigeria’s economy grew by 2.25 per cent in real terms in the third quarter of 2022, the National Bureau of Statistics has said.
The Gross Domestic Product, which measures the size of the economy, expanded at a slower rate than in the third quarter of 2021, the NBS said Thursday.
The NBS said this growth rate declined from 4.03 per cent in the third quarter of 2021.
According to the bureau, the reduction in growth is attributable to the effects of the 2020 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 said.
However, the bureau said compared 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.
The report said the real growth of the oil sector declined 22.67 per cent (year-on-year) in Q3 2022 indicating a decrease of 11.94 percentage points relative to the rate recorded in the corresponding quarter of 2021.
It said growth also decreased by 10.91 per cent points when compared to Q2 2022 which was –11.77 per cent.
The non-oil sector grew by 4.27 per cent in real terms.
This rate, the NBS said, was lower by 1.18 per cent points compared to the rate recorded in the same quarter of 2021 and 0.50 per cent points lower than the second quarter of 2022.
This was driven mainly by Information and Communication (Telecommunication), Trade, Transportation (Road Transport),
Financial and Insurance (Financial Institutions), Agriculture (Crop Production) and Real Estate, accounting for positive GDP growth.
“In real terms, the non-oil non-Oil sector contributed 94.34 per cent to the nation’s GDP in the third quarter of 2022, higher than the share recorded in the third quarter of 2021 which was 92.51 per cent and higher than the second quarter of 2022 recorded as 93.67 per cent,” it said.
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