Federal finance and statistics / National Bureau of Statistics

Nigerian Gross Domestic Product Report (Expenditure and Income Approach) (Q3, Q4 2022)

Summary In the third quarter of 2022, Nigeria's real GDP at basic prices grew by 2.25% on a year-on-year basis, showing a lower growth rate compared to the corresponding quarter of 2021. Growth of the Q4 of 2022 GDP remained positive at 3.52%, though lower compared to the Q4 of 2021 (3.98%). However, relative to Q3 and Q4 of 2021, the performances in 2022 indicate a decrease of 1.78% points in the Q3 of 2022 growth rate and a fall of 0.47% points in Q4 of 2022. Annual growth in 2022 was 3.10% compared to 3.40% recorded in 2021. Household Consumption Expenditure, in Q3 and Q4 of 2022 grew by -5…