New information from the National Bureau of Statistics (NBS) shows that in real terms, Nigeria’s GDP increased by 2.25 percent year-over-year in the third quarter of 2022.
In the third quarter of 2021, this growth rate was 4.03%.The decrease in development was owing to the base impacts of the downturn and the difficult financial circumstances that have blocked useful exercises.
According to the statistics bureau, the Q3 2022 growth rate decreased by 1.78% points from the 4.03% growth rate recorded in Q3 2021 and decreased by 1.29% points relative to 3.54% in Q2 2022.
However, real GDP increased by 9.68% quarter-over-quarter in Q3 2022, indicating that economic activity was higher than in the preceding quarter. In nominal terms, the quarter under review’s aggregate GDP was N52,255,809.62 million.
