National Bureau of Statistics (NBS) yesterday, said that aggregate Gross Domestic Products (GDP) for the first quarter of 2022 stood at N45.32 trillion, a growth performance that’s higher than the first quarter of 2021 at N40.01 trillion.
A statement from the Statistician General of the Federation and Chief Executive Officer of NBS, Mr Adeyemi Adeniran, noted that the figure indicates a year-on-year nominal growth rate of 13.25 per cent, adding that the nominal Gross Domestic Products in the preceding quarter of Q4 2021 stood at N49.28 trillion.
In terms of real GDP, the first quarter of 2022 recorded N17.35 trillion, higher by N522.49 billion than the N16.83 trillion recorded in the first quarter of 2021. This shows an output growth of 3.11 per cent in the first quarter of 2022. Output in the first quarter of 2022 was, however, lower by N2.98 trillion when compared to the fourth quarter of 2021 when the aggregate real GDP was N20.33 trillion.
Meanwhile, crude oil production in the first quarter of 2022 averaged daily output 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 of 2021 production volume of 1.50mbpd by 0.01mbpd.