Nigeria Bureau of Statistics says Nigeria’s growth momentum slows to 2.25% in third quarter of 2022

Written by on November 25, 2022

Governor Ahmadu Fintiri of Adamawa State has presented the state’s budget tagged “Budget of Consolidation” to lawmakers on the floor of the Assembly in Yola.

According to him, the total proposal of One Hundred and Seventy Five Billion, Nineteen Million, Fifty-Four Thousand, Sixty Naira comprises recurrent expenditure proposal of One Hundred and Five Billion, Eleven Million, Four Hundred and Thirty-Two Thousand, Four Hundred and Thirty-Six or 60 percent of the total proposal, and capital expenditure proposal which is 40 percent of total budgetary proposal.

In his presentation today, education is allocated the biggest share of the capital expenditure proposal because apart from working to sustain numerous ongoing projects in the sector, some new ones, such as establishing three special schools for the gifted, will be accommodated in the proposed budget.

Nigeria’s Gross Domestic Product, GDP, fell quarter-on-quarter (QoQ) by 1.78 percentage points to   2.25 percent in the third quarter of 2022 (Q3’22) from 3.54 percent   recorded in Q2’22.

The National Bureau of Statistics, NBS,   disclosed this in its Nigerian GDP report for Q3’22, citing the base effects of the recession and the challenging economic conditions that have impeded productive activities as reasons for the deceleration in growth rate.

Meanwhile, the NBS report also indicated that real growth of the oil sector has continued a downward trend with a massive 10.91 basis points (bps) decline to –22.67 percent QoQ in Q3’22 from   –11.77 percent in Q2’22.

This trend reflected in the sector’s contribution to GDP which fell by 0.67 percentage point to 5.66 percent in Q3 of 2022 from 6.33 percent in Q2 of 2022.

However, QoQ, real GDP grew at 9.68 percent in Q3’22, reflecting a higher economic activity in Q3 of 2022 than the preceding quarter.

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