The latest national accounts released by the National Bureau of Statistics (NBS) show that
GDP grew by 3.1% y/y in Q1 ‘22 compared with 3.9% y/y in Q4 ’21. This growth can be
partly attributed to positive base effects (GDP grew by 0.51% y/y in Q1 ’21) and CBN
interventions in key sectors. On a q/q basis, it contracted by -14.7%, reflecting slower
economic activity compared with the preceding quarter. The oil economy contracted by –
26.0% y/y in Q1, compared with -8.1% y/y recorded in Q4. Meanwhile, the non-oil economy
grew 6.1% y/y in Q1 ’22 compared with 4.7% y/y in Q4 ‘21.