BREAKING: Nigeria Records Slowest Economic Growth Since COVID-19 Pandemic As GDP Declines To 2.25%

…NBS Blames Poor Economic Condition

The National Bureau of Statistics on Thursday released Nigeria’s Gross Domestic Product (GDP) with the economy growing by 2.25 per cent year-on-year in the third quarter of this year.

The 2.25 per cent for the third quarter of this year is the slowest growth since the Covid-19 pandemic.

The figure is contained in the latest GDP report released by the National Bureau of Statistics.

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 Bureau blamed the decline on the base effects of the recession and the challenging economic conditions that have impeded productive activities.

It said, “Nigeria’s Gross Domestic Product (GDP) grew by 2.25 per cent (year-on-year) in real terms in the third
quarter of 2022.

“This growth rate declined from 4.03 per cent in the third quarter of 2021. The reduction in
growth is attributable to the base effects of the 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.”

However, the Report stated 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 N52.255trn in nominal terms.

“This performance is higher when compared to the third quarter of 2021 which recorded aggregate GDP of N45.113trn indicating a year-on-year nominal growth rate of 15.83 pee cent.

“The nominal GDP growth rate in Q3 2022 was higher relative to the 15.41 per cent growth recorded in the third
quarter of 2021 and higher compared to the 15.03 per cent growth recorded in the preceding quarter.”