Nigeria’s Gross Domestic Product (GDP) increased by 3.11 per cent in the first quarter of 2022, according to figures from the National Bureau of Statistics’ (NBS) Quarterly Report released on Monday.

This is according to the recently released Gross Domestic Report, released by the National Bureau of Statistics (NBS).

The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in the corresponding period of 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points.

However, on a quarter-on-quarter basis, real GDP contracted by 14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.

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