Fri, 12 Aug 2022

ABUJA, May 23 (Xinhua) -- Nigeria's Gross Domestic Product (GDP) grew by 3.11 percent year-on-year in real terms in the first quarter of 2022, despite low oil output in the same period, according to data released on Monday by the National Bureau of Statistics (NBS).

The growth rate was higher than the 0.51 percent growth rate recorded in the first quarter of 2021, but lower than the 3.98 percent recorded in the fourth quarter of 2021, the NBS said in its latest report on the economy.

This growth also marked sustained positive growth for six consecutive quarters since the recession witnessed in 2020 when negative growth rates were recorded in the second and third quarters of 2020, the NBS said.

During the quarter under review, the NBS statistics showed that the production of oil, the mainstay of Nigeria's economy, was lower than in several previous quarters.

The West African nation in the first quarter of 2022 recorded an average daily oil production of 1.49 million barrels per day (mbpd), lower than the daily average production of 1.72 mbpd in the same quarter of 2021, and 1.50 mbpd in the fourth quarter of 2021.

The non-oil sector grew by 6.08 percent in real terms during the first quarter of 2022, the data showed.

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