The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in Q1 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points. Nevertheless, quarter-on-quarter, real GDP grew at -14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.
Other Services real GDP grew by 3.14% (year-on-year) in Q1 2022. This growth was higher by 6.09% points than the growth recorded in the same period of the previous year, and higher by 1.51% points from Q4 2021.
Nominal GDP growth of the Manufacturing sector in the first quarter of 2022 was recorded at 11.72% (year-on-year), 20.38% points lower than the figure recorded in the corresponding period of 2021 (32.10%) and 13.80% points lower than the preceding quarter figure of 25.52%. Quarter-on-Quarter, growth of the sector was recorded at -2.96% during the quarter
In real terms, the Public Administration sector recorded a growth rate of 1.92% (year-on-year) in Q1 2022, higher by 2.81% points and higher by 0.79% points from the Q1 2021 rate and the Q4 2021 rate respectively. On Quarter-on-Quarter, the sector grew by -35.61% in Q1 2022.
Nominal growth in the Education sector in the first quarter of 2022 was 7.88% (year-on-year), up by 8.18% points from the growth of -0.30% reported in the corresponding quarter of 2021, and up by 5.95% points when compared to Q4 2021 growth rate of 1.93%.
Quarter-on-Quarter growth stood at -19.75% in first quarter of 2022. Agriculture contributed 21.09% to nominal GDP in the first quarter of 2022. This figure was lower than the rate recorded for the first quarter of 2021 and lower than the fourth quarter of 2021 which recorded 21.42% and 24.17% respectively.
The non-oil sector grew by 6.08% in real terms during the reference quarter (Q1 2022). This rate was higher by 5.28% points compared to the rate recorded same quarter of 2021 and 1.34% points higher than the fourth quarter of 2021.
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 1.72mbpd recorded in the same quarter of 2021 by 0.23mbpd and lower than the fourth quarter 2021 production volume of 1.50mbpd by 0.01mbpd.
The total value of capital importation into Nigeria in the first quarter of 2022 stood at US$1,573.14 million from US$2,187.63 million in the preceding quarter showing a decrease of 28.09%. When compared to the corresponding quarter of 2021, capital importation decreased by 17.46% from US$1,905.89 million.
National Bureau of Statistics.
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