Economy
Nigeria’s GDP Slows to 3.10% in 2022 Despite 3.52% Growth in Q4
By Adedapo Adesanya
In 2022, the Gross Domestic Product (GDP) of Nigeria slowed to 3.10 per cent from 3.40 per cent recorded in the preceding year, 2021.
Data released by the National Bureau of Statistics (NBS) on Wednesday evening showed that this occurred amid a 3.52 per cent (year-on-year) growth in the economy in real terms in the fourth quarter of 2022.
Business Post reports that in the preceding quarter, Q3 of 2022, the country posted economic growth of 2.25 per cent, but when compared with the same quarter of 2021, it moderated from 3.98 per cent.
The performance of the GDP in the fourth quarter of 2022 was driven by the services sector, which recorded a growth of 5.69 per cent and contributed 56.27 per cent to the aggregate GDP.
Although the agriculture sector grew by 2.05 per cent in the reference period, its performance was significantly hampered by severe incidences of flood experienced across the country, accounting for lesser growth relative to the fourth quarter of 2021, which was 3.58 per cent.
Recall that Nigeria faced an unprecedented devastating flood disaster in the second half of the year, which saw 662 persons lose their lives, with 3,174 others suffering injuries and 2,430,445 individuals displaced, according to the National Emergency Management Agency (NEMA).
Moreover, the industry sector was yet challenged in the period under review, recording -0.94 per cent growth and contributing less to the aggregate GDP relative to the third quarter of 2022 and the fourth quarter of 2021.
This means that the performance of the agriculture and industry sectors reduced in 2022 relative to 2021, while the performance of the services sector improved in 2022.
According to the report, in the quarter under review, aggregate GDP stood at N56.7 trillion in nominal terms.
This performance is higher when compared to the fourth quarter of 2021, which recorded aggregate GDP of N49.2 trillion, indicating a year-on-year nominal growth of 15.18 per cent.
The NBS noted that the nation in the fourth quarter of 2022 recorded an average daily oil production of 1.34 million barrels per day, lower than the daily average production of 1.50 million barrels per day recorded in the same quarter of 2021 by 0.16 million barrels per day and higher than the third quarter of 2022 production volume of 1.20 million barrels per day.
It said the real growth of the oil sector was –13.38 per cent (year-on-year) in Q4 2022, indicating a decrease of 5.33 per cent points relative to the rate recorded in the corresponding quarter of 2021.
It explained that growth increased by 9.29 per cent points when compared to Q3 2022, which was –22.67 per cent.
On a quarter-on-quarter basis, the oil sector recorded a growth rate of -14.93 per cent in Q4 2022.
“However, the annual growth rate of oil stood at -19.22 per cent compared to the -8.30 per cent recorded in 2021.
“The Oil sector contributed 4.34 per cent to the total real GDP in Q4 2022, down from the figures recorded in the corresponding period of 2021 and the preceding quarter, where it contributed 5.19 per cent and 5.66 per cent, respectively. The total annual contribution of oil to aggregate GDP in 2022 was 5.67 per cent,” the report said.
The non-oil sector grew by 4.44 per cent in real terms during the quarter, the NBS said, noting that this rate was lower by 0.29 per cent points compared to the rate recorded in the same quarter of 2021.
This sector was driven in the fourth quarter of 2022 mainly by information and communication (telecommunication), trade, agriculture (crop production), financial and insurance (financial institutions), manufacturing (food, beverage & tobacco), real estate and construction, accounting for positive GDP growth.
By Modupe Gbadeyanka
The Nigerian maritime sector may soon witness the inflow of $600 million in investment from APM Terminals.
On the sidelines of the ongoing Africa CEO Forum in Kigali, Rwanda, the Regional President of APM Terminals for Africa-Europe, Mr Igor van den Essen, informed President Bola Tinubu that his company was interested in deepening its investment in Nigeria.
According to a statement issued by the Special Adviser to the President of Information and Strategy, Mr Bayo Onanuga, the investment would be deployed in Apapa port modernisation, logistics infrastructure, and long-term private-sector investment in Nigeria’s maritime sector.
President Tinubu welcomed the investments, emphasising that Nigeria is repositioning itself for greater competitiveness through ongoing economic reforms and infrastructure modernisation.
He said the country is determined to move beyond structural bottlenecks and outdated systems, stressing the need for advanced technology, faster cargo processing, and improved operational efficiency across the nation’s ports.
He emphasised that Nigeria possesses the market scale, talent base, and economic potential to support globally competitive maritime and logistics infrastructure investments and called on other investors to take advantage of Nigeria’s reform outcomes.
Earlier, Mr Igor van den Essen lauded President Tinubu’s reform agenda and policy direction, which had strengthened investor confidence and created renewed momentum for long-term infrastructure investments.
He described Nigeria as a strategic stronghold within its African operations, referencing over 20 years of collaboration and substantial existing investments in the country’s port ecosystem.
He reaffirmed his company’s commitment to expanding investments in Nigeria and disclosed plans to support the development of world-class terminal infrastructure and technology-driven port operations.
He also commended Mr Tinubu for establishing the National Single Window (NSW), which has streamlined trade procedures, improved Customs coordination, and reduced delays in cargo clearance.
By Adedapo Adesanya
Dangote Petroleum Refinery has filed a new lawsuit against the federal government over the fuel import licences issued to marketers and the Nigerian National Petroleum Company (NNPC) Limited.
Last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued licences to six marketers for the importation of 720,000 metric tonnes of Premium Motor Spirit, known as petrol.
The marketers are NIPCO, AA Rano, Matrix, Shafa, Pinnacle, and Bono. The development comes amid claims by the NMDPRA that the Dangote Petroleum Refinery now supplies over 90 per cent of Nigeria’s daily petrol consumption.
Dangote said in the filing that the licences issued undermine its operations and contravene the law, which it argues allows imports only when domestic supply falls short.
Named in the suit against the country is the Attorney General and Minister of Justice, Mr Lateef Fagbemi. The federal government can only be sued via his office.
The case signals renewed tensions almost a year after Dangote withdrew an earlier lawsuit challenging similar licences. That case sought to nullify import permits issued to the NNPC and several traders.
The new filing asks the Federal High Court in Lagos to set aside import permits issued or renewed by the NMDPRA, arguing they breach an earlier order to maintain the status quo.
Dangote ended the earlier lawsuit in July 2025 without explanation, leaving unresolved questions over competition and supply in one of Africa’s largest fuel markets.
Nigeria has long relied on petrol imports due to underperforming state refineries. However, Dangote’s 650,000 barrels per day capacity refinery was touted to end that dependence.
Despite the presence of the facility, imports have continued to cover supply gaps as the refinery ramps up output.
The NMDPRA did not issue a single import licence in the first quarter of 2026 because the Dangote refinery had the capacity to meet Nigeria’s petrol demand.
Business Post gathered that only upon intervention by President Bola Tinubu were the licenses granted for the second quarter by the NMDPRA.
By Adedapo Adesanya
The Nigeria Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate in April 2026 rose to 15.69 per cent, beating analysts’ expectations of 15.95 per cent, as the fallout from the Iran war continued to affect the global economy.
The statistical office on Friday showed the headline inflation rate for April on a month-on-month basis was 2.13 per cent, while the food inflation rate in the review month was 16.06 per cent on a year-on-year basis.
The rise in prices comes as an energy price shock stemming from the continued conflict in the Middle East, which stoked food prices and affected relative exchange rate stability.
According to the NBS, “this can be attributed to the rate of change in the average prices of the following products: Millet whole grain, yam flour, ginger (Fresh), beef, garri, tam tuber, pepper (Fresh), cray fish, cassava tuber, Beans, Irish Potatoes, tomatoes (fresh), wheat grain (Sold loose), soya beans, guinea corn, plantain, carrots (Fresh) etc.”
“The average annual rate of food inflation for the twelve months ending April 2026, relative to the previous twelve-month average, was 17.55%, which was 17.05% points lower than the average annual rate of change recorded in April 2025 (34.60%),” the NBS said.
Analysts at Coronation Research had earlier projected that the inflation rate in Nigeria would be at 15.95 per cent on a year-on-year basis in April 2026. It added that the expected inflation rate signals a return toward the underlying disinflation trajectory and could be a pivotal data point in shaping Monetary Policy Committee (MPC) deliberations at the next policy meeting.
It also expects food inflation to further ease, as food and non-alcoholic beverages remain the dominant contributor to headline CPI, accounting for about 40 per cent of the Consumer Price Index (CPI) basket.
The MPC of the Central Bank of Nigeria (CBN) will meet this month, the first since the Iran War started in late February, to review core monetary policies and possibly make adjustments.
The committee reduced the Monetary Policy Rate (MPR) by 50 basis points from 27.0 per cent to 26.5 per cent at its 304th Monetary Policy Committee (MPC) meeting in February.
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