City in Nigeria

Nigeria GDP Q3 2022

Nigeria: GDP growth records slowest increase since Q1 2021 in Q3

The Nigerian economy lost steam in the third quarter of 2022: GDP growth moderated to 2.2% year on year, from 3.5% in the second quarter. Q3’s reading marked the softest expansion since Q1 2021.

The annual deceleration was chiefly due to the key oil sector continuing to drag on overall growth. It plunged a whopping 22.7% in Q3 (Q2: -11.8% yoy). Oil production fell to 1.20 million barrels per day (mbpd) in Q3 from 1.43 mbpd in Q2. The sector continues to suffer from security issues related to theft and lingering instability in the Niger Delta.

The non-oil sector of the economy continued to be the engine of growth—as it has been since late 2020. Growth in this sector eased to 4.3% in Q3 (Q2: +4.8% yoy). The industrial sector posted an 8.0% year-on-year contraction in Q3 (Q2: -2.3% yoy), marking the worst reading since Q2 2020. More positively, services sector growth increased to an annual 7.0% in the third quarter, accelerating from the second quarter’s 6.7% increase. Additionally, the agricultural sector gained steam, growing 1.3% in Q3 (Q2: +1.2% yoy).

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest