Nigeria’s Economy Boost As GDP Increases By 2.25 Percent In Q3 - Naijarecent
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Nigeria’s Economy Boost As GDP Increases By 2.25 Percent In Q3

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Nigeria’s GDP (Gross Domestic Product) increased by 2.25 percent in the third quarter of 2022.

According to WITHIN NIGERIA, information and communication technology (ICT) and agriculture are among the key sectors that boosted GDP.

The National Bureau of Statistics (NBS) reported on Thursday that oil revenue has decreased by 4.2%, while production has decreased by 1.2 million barrels per day on average.

This includes signing a security contract with the former militant leader, Government Oweizide Ekpemupolo, also known as Tompolo, and discovering illegal pipelines in order to meet OPEC quotas.

According to NBS, the country’s GDP fell from 4.03% in the third quarter of 2021 to 3.03% in the fourth quarter of 2021, owing to the recession and difficult economic conditions that hampered productive activities.

According to NBS, crop production was the sector’s main driver, accounting for 29.67% of the sector’s real contribution from agriculture, followed by industries (18.37%) and services (51.96%).

It said:

The Q3 2022 growth rate decreased by 1.78 percent points from the 4.03% growth rate recorded in Q3 2021 and decreased by 1.29% points relative to 3.54% in Q2 2022.

In the quarter under review, aggregate GDP stood at N52, 255,809.62 in nominal terms. This performance is higher when compared to the third quarter of 2021 which recorded aggregate GDP of N45, 113,448.06, indicating a year-on-year nominal growth rate of 15.83 percent.

ICT Best Way To Diversify Economy

Isa Pantami, Minister of Communications and Digital Economy said on Wednesday that the ICT sector was contributing significantly to the economy and creating jobs.

He noted that Buhari is emphasizing ICT as the best way to diversify the economy and reduce the country’s reliance on the oil and gas sector.

Pantami also revealed that Buhari will soon inaugurate the N12.1 billion Innovation and Entrepreneurship Centre (DIEC) in Abuja, which is being built by the National Information Technology Development Agency (NITDA).

He went on to say that the project was a legacy project that would create direct and indirect jobs for a large number of young innovators and entrepreneurs in the ICT sector.

He said:

President Buhari is placing emphasis on the ICT sector as the best way to diversify the economy and ensure that our reliance on the oil and gas sector reduces significantly. This development has been yielding positive results because the latest statistics showed that the ICT sector contributed about 18 per cent to Gross Domestic Product (GDP), while the oil and gas sector contributed about seven per cent.

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